Mnuchin says he’ll have bipartisan discussions on oversight of PPP loans
Treasury Secretary Steven MnuchinSteven Terner MnuchinDemocrats hammer Mnuchin after he says names of small-business borrowers won’t be disclosed Senators call on Trump administration to simplify PPP loan forgiveness process On The Money: Republicans start bracing for shutdown fight in run-up to election | Mnuchin: White House seriously considering second round of stimulus checks | Labor leaders under pressure on police unions MORE on Monday said that he will have discussions with lawmakers on a bipartisan basis about oversight of loans under the Paycheck Protection Program (PPP) after Democrats blasted him for suggesting the names of loan recipients would not be released.
“I will be having discussions with the Senate @SmallBizCmte and others on a bipartisan basis to strike the appropriate balance for proper oversight of #ppploans and appropriate protection of small business information,” Mnuchin said on Twitter.
I will be having discussions with the Senate @SmallBizCmte and others on a bipartisan basis to strike the appropriate balance for proper oversight of #ppploans and appropriate protection of small business information. @SBAgov
— Steven Mnuchin (@stevenmnuchin1) June 15, 2020
The PPP was created by the $2.2 trillion coronavirus relief package, known as the CARES Act, that President TrumpDonald John TrumpRon Perlman, Matt Gaetz get into back-and-forth on Twitter The NYT and the Cotton op-ed: Opinion or party line? Robert Gates joins calls for Army bases named after Confederate leaders to be renamed MORE signed on March 27 and is a key part of policymakers’ efforts to help businesses and workers during the pandemic. Under the program, small businesses can receive loans that will be forgiven if they maintain their payroll.
During a Senate Small Business and Entrepreneurship Committee hearing last week, Mnuchin said that the administration thinks that the names and dollar amounts of specific PPP loans is “proprietary information.”
Those comments angered Democrats, who argued that its important for the PPP to be transparent in order to ensure that the program is not being abused.
“The American people expect full transparency to ensure that the CARES Act’s historic investment of their taxpayer money is used wisely and effectively to save lives and livelihoods, not to be used by profiteers and price-gougers,” House Speaker Nancy PelosiNancy Pelosi’Defund the police’ movement hits semantics roadblock Navarro floats T price tag for next coronavirus relief bill Democrats see path to ridding Capitol of Confederate statues MORE (D-Calif.) said in a statement Friday.
Senate Minority Leader Charles SchumerChuck SchumerJones, Sessions spar over renaming of military bases Democrats rip Trump rollback of LGBTQ protections amid Pride Month Sessions-Tuberville Senate runoff heats up in Alabama MORE (D-N.Y.) said Friday that “the administration’s resistance to transparency is outrageous and only serves to raise further suspicions about how the funds are being distributed and who is actually benefiting.”
Democrats have expressed concerns about reports of large companies getting PPP loans while some small businesses have had difficulty in obtaining them.