New Paycheck Relief Bill Passes Without Enhanced Oversight

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New Paycheck Relief Bill Passes Without Enhanced Oversight
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CARES Act Transparency Failures Let Multi-Million Dollar Companies Siphon Limited New Small Business Relief Bill

Watchdog to Congress: “What’s to stop those big corporations from doing the exact same thing again?”

Moments ago, the House passed a new relief bill to allocate funds for small businesses and American families facing hardship during the ongoing COVID-19 crisis. Like the previous iteration, the new relief bill includes a glaring hole — a failure to bolster transparency and oversight around funding for the Small Business Administration’s (SBA) Paycheck Protection Program (PPP).

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“We spent the past month watching our worst fears about SBA assistance come true: multi-million dollar corporations gobbled up PPP loans they may never have to pay back as hundreds of actual small businesses were shoved aside. Without additional transparency measures in the new relief bill, what’s to stop those big corporations from doing the exact same thing again?” asked Kyle Herrig, president of Accountable.US. “Congress failed small business owners today by keeping in place a gaping loophole that will continue to benefit large corporations. We’re hopeful that in the next round of relief funding, Congress will step up and close the loophole to provide the necessary oversight of PPP loans that Americans deserve.”

New relief bill poorly designed?

Without proper accountability measures in the CARES Act, multi-million dollar corporations were given a free pass to suck the program’s funding dry as many small businesses walked away with little to nothing. This lack of oversight resulted in the following:

Accountable.US is a nonpartisan watchdog group that exposes corruption across all levels of government.

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Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver

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