A House subcommittee investigating billions of dollars in coronavirus aid is demanding that the Trump administration turn over detailed information about companies that applied for and received federal loans intended for small businesses
1 / 3Virus Outbreak CongressTreasury Secretary Steven Mnuchin speaks during a Senate Small Business and Entrepreneurship hearing to examine implementation of Title I of the CARES Act, Wednesday, June 10, 2020 on Capitol Hill in Washington.
Democrats say they are not receiving enough information about the loan disbursements and fear the Treasury Department has favored large, well-funded companies over smaller businesses in underserved communities. In the letters, the Democrats on the House Select Subcommittee on the Coronavirus Crisis request that the banks “take immediate steps to ensure that remaining PPP funds are allocated to those businesses truly in need.
Florida Sen. Marco Rubio, a Republican who heads the small business panel and pushed for creation of the loan program, said Monday that he has spoken to Mnuchin, and they are “working through” a way to ensure that the names of some loan recipients are made public. "If you have a big loan, you know, there’s no avoiding it. We’re going to need to know who you are,'' Rubio said.
A spokeswoman for Wells Fargo says the San Francisco-based bank"continues to work as quickly as possible to prepare and submit Paycheck Protection Program applications from our small business customers to the U.S. Small Business Administration.'' Lawmakers already know that financial institutions were able to process applications from existing clients more quickly than new clients because of vetting requirements under existing law, Scalise said. The banking industry warned Congress this would happen before the program was approved, he added.
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