New House Report Exposes An Inequitable PPP
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 additional aid, new reporting revealed that Ammo Inc., a gun manufacturer whose sales spiked in response to COVID-19, secured nearly $1 million in taxpayer-funded PPP aid.
NEW HOUSE REPORT SHOWS PPP LEFT COMMUNITIES OF COLOR AND WOMEN-OWNED BUSINESSES BEHIND
“The Treasury Department’s actions were one of several ways the Trump administration and several large banks put underserved businesses, including those owned by women and minorities, at a disadvantage when applying for the $670 billion Paycheck Protection Program, said the report from the House Select Subcommittee on the Coronavirus Crisis.”
@lydiadepillis | “This House Oversight committee report on how Treasury *encouraged* banks to make PPP loans to their existing customers first — and then lied about it — is pretty damning. Link” [View Twitter Thread]
GUN MANUFACTURERS GET PPP AID AS SMALL BUSINESSES SHUTTER ACROSS THE COUNTRY
“Arizona-based Ammo Inc. — whose products include a high-tech bullet that glows red as it flies through the air — revealed in August that it got the money from two Paycheck Protection Program loans in April right after a blowout quarter in which its revenues more than tripled.”