Letter to Jovita Carranza, Admin. of the Small Business Administration, and Steven Mnuchin, Secretary of Department of the Treasury, - Spanberger to SBA & Treasury: Immediately Release Complete List of Small Business Loan Recipients, PPP Funding Amounts Received

Letter

Dear Administrator Carranza and Secretary Mnuchin,

I write to urge your immediate attention and swift action on an issue that threatens the financial security and longevity of small businesses.

On March 27, the House passed the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act (PL 116-136), which was shortly thereafter signed into law, to respond to the economic effects of the coronavirus pandemic. As the public health measures necessary to slow the spread of coronavirus are taking a particular toll on small businesses, the CARES Act provides significant assistance to small businesses that might otherwise not be able to survive the impact, including through the Paycheck Protection Program (PPP). As a resource for small businesses, sole proprietors, contractors, and the self-employed, PPP loans are meant to be available for small businesses, defined as having fewer than 500 employees, that have suffered economic hardship as a result of the COVID-19 pandemic.

Accordingly, I was shocked and disappointed to learn that, contrary to Congressional intent, the program has not functioned as intended. Specifically, many of our smallest businesses have been unable to secure assistance, while there have been numerous reported cases of large companies quickly receiving funding. In light of this, it is imperative that the Small Business Administration and the Department of the Treasury allow Congress and the public to access information detailing the administration of the Paycheck Protection Program. In particular, I request information detailing which organizations have been provided PPP funding, the amount of funding they received, when their applications were approved, and when they received their loans. I further request that this information be made available to Congress and the public. This information will be integral to crafting future legislation that best serves our small businesses.

Thank you for your attention to this critical matter and for your work to address the economic impacts of this pandemic. Your swift action on this issue will help alleviate the concerns of our nation's small businesses, which are vital to the success of our country and our communities.

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