• Latest
  • Trending
  • All
  • News
  • Business
  • Lifestyle
US Government Releases More Data on Millions of Businesses That Took Pandemic Aid

US Government Releases More Data on Millions of Businesses That Took Pandemic Aid

December 2, 2020
Senate GOP Slashes Spending In ‘Big, Beautiful’ Bill As Fiscal Hawks Push For More Cuts

Senate GOP Slashes Spending In ‘Big, Beautiful’ Bill As Fiscal Hawks Push For More Cuts

June 29, 2025
NORMAN R. SEIP And DANIEL CHRISTMAN: Fair Use Or Failure: The Future Of Us-Led AI

NORMAN R. SEIP And DANIEL CHRISTMAN: Fair Use Or Failure: The Future Of Us-Led AI

June 29, 2025
Dem Senator Can’t Bring Himself To Give Trump Any Credit For Record-Low Border Numbers

Dem Senator Can’t Bring Himself To Give Trump Any Credit For Record-Low Border Numbers

June 29, 2025
Thom Tillis Announces Retirement Hours After Trump Threatened To Field Primary Challenger

Thom Tillis Announces Retirement Hours After Trump Threatened To Field Primary Challenger

June 29, 2025
STEVE MILLOY: John Thune Needs To Do Something About Obama-Era Parliamentarian Kneecapping Trump’s Megabill

STEVE MILLOY: John Thune Needs To Do Something About Obama-Era Parliamentarian Kneecapping Trump’s Megabill

June 29, 2025
Dems’ NYC Socialist Nominee Ducks And Weaves When Asked To Condemn Term Calling For Killing Jews

Dems’ NYC Socialist Nominee Ducks And Weaves When Asked To Condemn Term Calling For Killing Jews

June 29, 2025
‘A Radical Left Lunatic’: Trump Has Warning For NYC If Dems’ Socialist Nominee Pulls Any Stunts

‘A Radical Left Lunatic’: Trump Has Warning For NYC If Dems’ Socialist Nominee Pulls Any Stunts

June 29, 2025
EXCLUSIVE: Ted Cruz Fears Attempt To Scrap Provision In Trump’s Megabill Would Hand ‘Gift’ To China

EXCLUSIVE: Ted Cruz Fears Attempt To Scrap Provision In Trump’s Megabill Would Hand ‘Gift’ To China

June 29, 2025
NPR Caught Straight Up Misquoting DOGE Staffer

NPR Caught Straight Up Misquoting DOGE Staffer

June 29, 2025
Two GOP Senators Vote ‘No’ As Trump’s Megabill Clears Critical Hurdle

Two GOP Senators Vote ‘No’ As Trump’s Megabill Clears Critical Hurdle

June 28, 2025
‘Outright Massacre’: Senate GOP Takes Sledgehammer To Biden’s Green Energy Subsidies

‘Outright Massacre’: Senate GOP Takes Sledgehammer To Biden’s Green Energy Subsidies

June 28, 2025
REP. KEITH SELF: Whose Fault Is The Fiscal Mess? Time To Reform Everything

REP. KEITH SELF: Whose Fault Is The Fiscal Mess? Time To Reform Everything

June 28, 2025
  • Donald Trump
  • State of the Union
  • Elon Musk
  • Tariffs
  • Congress
  • Faith
  • Immigration
Sunday, June 29, 2025
  • Login
IJR
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls
No Result
View All Result
IJR
No Result
View All Result
Home News

US Government Releases More Data on Millions of Businesses That Took Pandemic Aid

by Reuters
December 2, 2020 at 7:22 am
in News
240 12
0
US Government Releases More Data on Millions of Businesses That Took Pandemic Aid

FILE PHOTO: The United States Department of the Treasury is seen in Washington, D.C., U.S., August 30, 2020. (Andrew Kelly/Reuters)

491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

The Trump administration late on Tuesday released the names of more than 10 million businesses and individuals that took pandemic aid, providing more transparency for the programs which officials say have been plagued by fraud and abuse.

The Treasury Department and Small Business Administration (SBA) were forced to release the information on the Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program (PPP) after a federal judge last month sided with a challenge brought by news organizations seeking the data under the Freedom of Information Act.

The two programs were the primary means by which the federal government assisted small businesses hurt by the COVID-19 pandemic, but the Trump administration from the outset had resisted providing full transparency on who got the cash.

“SBA’s historically successful COVID relief loan programs have helped millions of small businesses and tens of millions of American workers when they needed it most,” a spokesperson for the SBA said.

As of November, the SBA had processed and approved more than 5.2 million individual PPP loans amounting to $525 billion, along with 3.65 million EIDL loans worth $194 billion. Several billions of dollars have gone to ineligible businesses and fraudsters, watchdogs have warned.

The SBA in July identified borrowers who took more than $150,000 from the PPP, but provided only aggregated and anonymized data for borrowers who took less than $150,000, which accounted for roughly 85% of the total number of PPP loans. The agency provided similar partial disclosures for EIDL loans. 

The Trump administration said that identifying the EIDL and PPP recipients would violate individuals’ personal privacy and reveal confidential business information that can be redacted under Freedom of Information Act exemptions.

A federal judge in Washington, D.C., rejected that argument and dismissed further efforts by the agency to delay releasing the data, which it mandated must be published by Dec. 1.

FRAUD AND ABUSE   

Between April and August, thousands of lenders issued government-backed PPP loans capped at $10 million to small businesses hurt by pandemic lockdowns. Provided that borrowers can show they needed the money and spent it mostly on payroll and other business expenses, the government pays the lender back.

The SBA also directly dished out $20 billion in EIDL grants of up to $10,000, and a further $194 billion in EIDL loans that the SBA capped early on in the program at $150,000.

Tuesday’s data will provide more transparency over whether pandemic aid went to businesses most in need and may shape changes to the programs if Congress passes another stimulus package in coming weeks.

In a bid to get funds out the door to struggling businesses quickly, the SBA waived some of its normal lending safeguards, and in the case of the PPP, said it would not hold lenders responsible if borrowers broke the program rules. That, however, made both programs highly susceptible to fraud, watchdogs said.

The Office of Inspector General for the SBA said in an October report, for example, that around 46% of the $169.3 billion worth of EIDL loans approved by July 31 were questionable and might be susceptible to fraud, according to a Reuters analysis of the agency’s findings. The SBA has disputed that there was sufficient evidence to draw that conclusion.

Meanwhile, congressional investigators have said at least $1 billion in PPP went to ineligible businesses. To date, the Justice Department, working with other agencies, has charged over 80 individuals for stealing more than $250 million from the program.

(Reporting by Michelle Price; Editing by Leslie Adler)

Tags: Coronavirus OutbreakDepartment of TreasuryEconomy
Share196Tweet123
Reuters

Reuters

Reuters is an international news organization.

Advertisements

Top Stories June 10th
Top Stories June 7th
Top Stories June 6th
Top Stories June 3rd
Top Stories May 30th
Top Stories May 29th
Top Stories May 24th
Top Stories May 23rd
Top Stories May 21st
Top Stories May 17th

Join Over 6M Subscribers

We’re organizing an online community to elevate trusted voices on all sides so that you can be fully informed.





IJR

    Copyright © 2024 IJR

Trusted Voices On All Sides

  • About Us
  • GDPR Privacy Policy
  • Terms of Service
  • Editorial Standards & Corrections Policy
  • Subscribe to IJR

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls

    Copyright © 2024 IJR

Top Stories June 10th Top Stories June 7th Top Stories June 6th Top Stories June 3rd Top Stories May 30th Top Stories May 29th Top Stories May 24th Top Stories May 23rd Top Stories May 21st Top Stories May 17th