Administration Refuses to Disclose PPP Loan Level Data to The Public
Q1 2020 hedge fund letters, conferences and more
Kudlow: The Disclouse Of PPP Loan Data Isn't Necessary
WASHINGTON, D.C. – In response to White House economic advisor Larry Kudlow’s claim this morning on CNN’s “State of the Union” that it’s not necessary for the administration to disclose PPP recipients or how much money they received, Accountable.US released the following statement:
“The Trump administration insisted on including Donald Trump’s name on relief checks mailed to taxpayers and now it doesn't want taxpayers to know the names of businesses that received half a trillion dollars in taxpayer-funded assistance -- money intended for small businesses that too often ended up with publicly traded companies and wealthy corporations,” said Kyle Herrig, President of Accountable.US. “President Reagan once said trust but verify. Unfortunately, the Trump administration is making it impossible to do either. If the administration won’t provide this information, it’s on Congress to use its power to obtain it and release it to the public.”
Background:
As reported by Axios: "The PPP loan application also warns borrowers that their company names, loan amounts, and other information are public records “that will be automatically released," according to TIME. In April, Kudlow’s wife applied for SBA loans, despite the White House advisor earning over $400,000 last year. The SBA told news organizations that it intended to post "individual PPP loan data" after the loan process had been completed.”
Kudlow’s comments come on the heels of the Government Accountability Office’s revelation this week that the Trump Administration is now “withholding PPP loan data the agency requested as part of its oversight efforts.” The day before, Treasury Secretary Steven Mnuchin said the administration wouldn’t make the PPP data available to the general public based on vague concerns about privacy. Previously, Senator Marco Rubio said SBA and Treasury would be required to release loan-level data on the PPP program, and SBA’s own website claims they will soon turn to “efforts to providing loan-specific data to the public.”
