WASHINGTON, D.C. – More than 100 days since the CARES Act’s weekly $600 enhanced federal unemployment benefits ran out and since applications for the Paycheck Protection Program closed, talks between lawmakers and the Trump administration to secure a new coronavirus aid package have reportedly ground to a halt. Read more.
Last week, more and more Paycheck Protection Program (PPP) fraud accusations came to light across the country — from a Virginia man using his $2.5 million loan to purchase an airplane to a Texan buying five luxury vehicles. As PPP fraudsters show no signs of slowing down, mom-and-pop shops, especially in communities of color, […]
Last week, after months of calls for further transparency from the Small Business Administration (SBA), a federal judge ordered the SBA to disclose all the names, addresses, and precise loan amounts issued through the PPP and EIDL programs. The news came long after owners of mom-and-pop businesses pleaded for greater clarity from the program. […]
WASHINGTON, D.C. – Amid a barrage of news from the Trump administration last Friday afternoon, new reports showed that the Small Business Administration (SBA) began sending “’loan necessity’ questionnaires” targeting companies and organizations that received Paycheck Protection Program (PPP) assistance of at least $2 million — an attempt to further examine loan recipients’ eligibility for the relief dollars in […]
Last week, the Small Business Administration’s (SBA) Office of the Inspector General released a report revealing that fraudsters and other non-eligible applicants ran away with up to $78 billion in taxpayer-funded relief. Meanwhile, as small businesses continue to shutter and await Paycheck Protection Program loan forgiveness, the SBA quietly issued “loan necessity” questionnaires and […]
WASHINGTON, D.C. – Yesterday, the Small Business Administration’s (SBA) Office of the Inspector General released a report on the agency’s response to the pandemic through the Economic Injury Disaster Loan (EIDL) program. The findings were brutal, but not surprising: with minimal oversight, fraudsters and abusers ran away with billions in taxpayer-funded relief. In total, the report found that the SBA handed as […]
Last week, Senate lawmakers’ attempts to extend the flawed Paycheck Protection Program without including any enhanced transparency or accountability measures failed. Meanwhile, as Trump’s Senate allies have directed their full attention towards rushing through Trump’s extremist SCOTUS pick, Amy Coney Barrett, mom-and-pop businesses — especially those in communities of color — are struggling to tread the rough waters of the Trump recession. BUSINESSES IN COMMUNITIES OF COLOR LEFT TO FEND FOR […]
WASHINGTON, D.C. – This month, the Trump Treasury Department reportedly began approving loan forgiveness requests for beneficiaries of the SBA’s Paycheck Protection Program (PPP), which — given the secrecy surrounding the administration’s forgiveness requirements — could include the 1,094 publicly traded companies that received $1.63 billion in PPP funds. Meanwhile, local reports are mounting that state governments, which are apparently desperate to address budget shortfalls during […]
READ THE REPORT WASHINGTON, D.C. — A new analysis from government watchdog Accountable.US found that weapons manufacturers secured up to $164 million in Paycheck Protection Program (PPP) funds despite a spike in gun sales during the pandemic. These gun companies received taxpayer-funded relief meant for struggling small businesses following an aggressive lobbying effort from the industry on the CARES Act. Nineteen […]
Last week, a new report from the House Select Subcommittee on the Coronavirus Crisis showed that the rushed launch of the Paycheck Protection Program (PPP) resulted in businesses in communities of color being shut out at the benefit of wealthy corporations. Meanwhile, as tens of thousands of small businesses across the country suffer without […]
WASHINGTON, D.C. — This afternoon, the House Select Subcommittee on the Coronavirus Crisis released a new report revealing that the rushed launch of the Paycheck Protection Program (PPP) resulted in minority-owned businesses being shut out at the benefit of wealthy corporations. Prior to the program’s launch in April, banks raised concerns about the incomplete rules and application process that would ultimately favor existing customers and hurt businesses in communities […]
Last week, as tens of thousands of small businesses across the country closed their doors for good, new reporting revealed that energy companies, shell companies, and even a TikTok rival received taxpayer-funded bailout money. Meanwhile, as Paycheck Protection Program (PPP) fraud cases continue to pop up across the nation, the Small Business Administration (SBA) […]
WASHINGTON, D.C. – Following reports this week that the Small Business Administration (SBA) has, after months of uncertainty, started forgiving loans distributed through Trump’s poorly designed, poorly implemented Paycheck Protection Program (PPP), government watchdog Accountable.US sent a letter to SBA Administrator Jovita Carranza today calling on the agency to increase transparency in the loan forgiveness process. Read more.
HELENA, MT – Following new reporting by the Washington Post, Accountable.US exposed over $100 million in bailouts awarded by the Trump administration to oil, gas, and mining corporations which then offered stock options and bonuses to their top executives. The story, based in part on Accountable.US research, highlighted how fossil fuel and extractive resource corporations exploited the Trump […]
Last week, Paycheck Protection Program (PPP) fraud cases continued to come to light while small businesses across all industries faced permanent closures with no new relief bill in sight. Meanwhile, after businesses expressed complaints regarding the Small Business Administration’s lack of guidance regarding loan forgiveness, “the government expects to approve and pay forgiveness requests by […]
READ THE REPORT WASHINGTON, D.C. – A new analysis from government watchdog Accountable.US found that that at least $3.4 million in SBA Paycheck Protection Program (PPP) funds went to corporations that are shell companies, or that were about to be acquired by one. While PPP was billed as a lifeline for struggling mom-and-pop businesses, the Trump administration allowed […]
WASHINGTON, D.C. – New information released today by government watchdog Accountable.US, and reported in HuffPost, finds the Trump administration gave at least $6.7 million in Paycheck Protection Program (PPP) loans to three companies that have paid more than $50 million in penalties for major environmental violations. Read more.
WASHINGTON, D.C. – Today, in acknowledgment of Native American Women’s Equal Pay Day, Accountable.US released new research showing that Trump’s flawed Paycheck Protection Program (PPP) overwhelmingly left American Indian and Alaska Native women behind. Of the 86,106 PPP loans for which the administration released both gender and race and ethnicity data, just 114 businesses owned by American Indian […]
Another 837,000 Americans filed for unemployment last week, bringing the total number of workers drawing unemployment benefits to nearly 12 million amid a health crisis that has now claimed the lives of nearly 204,000 in the U.S. As the deadly and costly repercussions of the pandemic and Trump recession grow worse by the day, all eyes are on President […]
Watchdog Report Shows Just How Badly the Program Failed to Help Businesses in Need of Relief WASHINGTON, D.C. – In an interview on CNBC this morning, National Economic Council Director and top White House Economic Advisor Larry Kudlow called Trump’s Paycheck Protection Program a “stroke of genius” for small businesses. In practice, the program overwhelmingly favored wealthy and well-connected companies, largely […]