Following the Trump Administration’s Refusal to Release Names of PPP Loan Recipients, Neal, Waters, Velázquez Demand Transparency: “Taxpayers Have a Right to Know How Their Money Was Spent”

Jun 13, 2020
Press Release
WASHINGTON, DC – On the heels of the Trump Administration’s decision not to release the names of companies that received funding through the Paycheck Protection Program (PPP), House Ways and Means Chairman Richard E. Neal (D-MA), Financial Services Chairwoman Maxine Waters (D-CA), and Small Business Chairwoman Nydia M. Velázquez (D-NY) reminded the Department of Treasury (Treasury) and the Small Business Administration (SBA) of their duty to be transparent and accountable stewards of the American taxpayers’ money and expressed their dismay at the decision. Given the shared responsibility the committees have to conduct oversight of Treasury and SBA, the Chairs requested the names of all recipients of PPP loans, the dollar amount of all loans received, and the names of all applicants that did not receive PPP loans.
 
“As you know, Congress authorized the PPP in order to provide critically-needed financial assistance to small businesses struggling to stay afloat during the coronavirus pandemic,” wrote the Chairs. “However, shortly after enactment of the CARES Act, there were reports that larger, profitable businesses were receiving PPP loans while many small, needy businesses could not secure a loan. Many Americans were rightfully concerned about this troubling news.”
 
The lawmakers emphasized: “Given our shared responsibility to safeguard taxpayer dollars,  we disagree with the decision to not release the names of businesses that received PPP loans. At a minimum, we owe the American people that information.
 
Neal, Waters, and Velázquez concluded: “As the pandemic continues to cause financial hardship for countless small businesses, we must understand whether this program is functioning as intended and determine how best to help businesses going forward." 
 
Read the full letter HERE.
 
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