Lawmakers are growing more impatient about transparency and the Small Business Administration’s Paycheck Protection Program.
On Tuesday, Senate Minority Leader Chuck Schumer announced legislation to mandate that the agency release more data about PPP and do it more often.
Seems someone at @SBAgov thinks they don’t have to provide information to public about how round 2 of #PPP is going .@SBAgov is now providing daily end of day updates on #PPPloans volume. #CARESAct #SmallBusiness https://t.co/2s0bJDHhbJ It would also require “the name of the entities and the loans or grant amounts,” which is not currently available. On Tuesday, Rubio said he wasn’t supporting Schumer’s bill immediately but noted, “I am all for transparency.” The Florida senator says he wants to balance regular reports to the public with putting “onerous requirements on the SBA staff,” which could slow down loans getting out the door.
What hasn’t been released is the name of every business that has received a loan. It’s led to criticism around the country as larger, publicly traded companies like Shake Shake and Ashford secure PPP loans – and then bow to public pressure to return the money.
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