Neal, Waters, and Velázquez Reiterate Demand for Full PPP Transparency

Jun 22, 2020
Press Release
WASHINGTON, DC – Today, 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) issued the following statement after the Department of Treasury (Treasury) and the Small Business Administration (SBA) announced they would disclose certain information regarding Paycheck Protection Program (PPP) loans and recipients:
"With this announcement, Treasury and SBA have agreed to a minimum level of transparency, but still fall short of taxpayers’ expectations. Only after letters from Congress and sustained critical media coverage did the administration decide to release information that should have been public from the outset of the PPP's implementation.
"Our demands still stand. We want SBA and Treasury to provide us with 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 outlined in our June 13 letter. Given that 85 percent of loans issued were for amounts smaller than $150,000, only sharing data on disbursements above that threshold is utterly inadequate. At all times, but particularly in the midst of this unprecedented economic and public health crisis, we must ensure the administration’s transparent and responsible stewardship of taxpayer dollars.”