New GAO Report: Trouble Ahead for PPP Recipients
WASHINGTON, D.C. – A new report released by the Government Accountability Office (GAO) today predicted trouble ahead for recipients of Trump’s poorly designed, poorly implemented Paycheck Protection Program (PPP). According to the GAO report, a lack of regulations and guidance from the Trump administration is likely to hinder those businesses lucky enough to actually obtain funds through the PPP in converting those loans into grants.
“The lack of transparency in Trump’s Paycheck Protection Program is alarming, and the problems it may cause for small businesses are only getting worse,” said Kyle Herrig, president of Accountable.US. “Mom-and-pop shops have enough to worry about during this crisis. Navigating a murky and confusing loan forgiveness process shouldn’t be another addition to their already too-full plates. The Trump administration must release straightforward guidance surrounding the PPP immediately.”
The lack of transparency and guidance surrounding loan forgiveness — which government watchdog Accountable.US has long demanded — is just one of the many flaws in Trump’s Paycheck Protection Program, which has overwhelmingly favored the wealthy and well-connected as actual mom-and-pop businesses were left to fend for themselves.