Time to Fix What’s Broken: Senate Leaders Seek Oversight of PPP Loans

LiquidPiston Publicly Traded Companies PPP Safe Harbor Deadline ppp grantees ppp loan Florida small business increase cash flow build an emergency fund Out Of Cash slush fund for Wall Street credit and currency markets emerging countriesMaklay62 / Pixabay

WASHINGTON, D.C. – Since the launch of the Paycheck Protection Program (PPP), small business owners have been left behind by their banks and the government while larger and better-connected companies have been shown the red carpet. Congress has now passed two relief bills to allocate funds for small businesses, neither of which included proper oversight or transparency measures to disclose loan recipients. Weeks later, Senate Minority Leader Chuck Schumer and Sen. Ben Cardin will now introduce legislation to mandate disclosure requirements for PPP loans.

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PPP Loans: The Push For Transparency

“When it comes to spending taxpayer money, transparency and accountability are not optional. Senator Schumer is right to push for much-needed transparency. He can’t let up. Congress must fix what was broken in previous bills and ensure that every taxpayer dollar is accounted for with adequate oversight of all relief programs,” said Kyle Herrig, president of Accountable.US. 

“We’ve all seen in recent weeks that money intended to help struggling mom-and-pop businesses has too often gone to help Trump allies, big businesses, and the well-connected. It is only because of the dogged work of government watchdogs, the media, and individual members of Congress that these improprieties have come to light.

“While several companies have been shamed into returning ill-gotten funds, it’s not enough. Millions have lost their jobs, and an unknown number of small businesses have shuttered, perhaps never to reopen. Every step forward should be brimming with increased oversight and transparency.”

Big Corporations Taking Advantage

While the program was supposed to provide relief to small businesses, the Trump administration has provided billions to the well-connected or big corporations. 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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About the Author

Jacob Wolinsky
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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