LAFAYETTE, La. — A federal court in Louisiana granted summary judgment to the Small Business Administration and Treasury Secretary Janet Yellen on an oil field service company’s lawsuit brought against them under the CARES Act. The company was ineligible for the over $2.5 million it received as a pandemic business loan, the SBA owes it a maximum loan forgiveness amount of just under $700,000, and the company’s interpretation of the law would allow “double dipping,” i.e. allowing businesses and their contractors to count the same amounts twice in their loans.
Read the ruling here.
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