Senate Minority Chief Chuck Schumer (D-NY) speaks at a press convention June 09, 2020 in Washington, DC. Schumer and Sen. Mazie Hirono (D-HI) answe
Senate Minority Chief Chuck Schumer (D-NY) speaks at a press convention June 09, 2020 in Washington, DC. Schumer and Sen. Mazie Hirono (D-HI) answered questions associated to reforming regulation enforcement insurance policies within the wake of the dying of George Floyd.
Win McNamee | Getty Photos
Senate Minority Chief Chuck Schumer slammed Treasury Secretary Steven Mnuchin on Friday for indicating the Trump administration could not disclose the names of those that acquired loans from the Paycheck Safety Program.
“Given the various issues with the PPP program, it’s crucial American taxpayers know if the cash goes the place Congress supposed — to the really small and unbanked small enterprise,” mentioned Schumer, a Democrat from New York.
“The administration’s resistance to transparency is outrageous and solely serves to lift additional suspicions about how the funds are being distributed and who is definitely benefiting.”
Mnuchin, in testimony earlier than the Senate Small Enterprise Committee earlier this week, implied that the administration might not be disclosing the names of those that utilized to this system, and the quantity they requested.
“Because it pertains to the names and quantities of particular PPP loans, we imagine that that is proprietary data,” he mentioned. “And in lots of instances for sole proprietors and small companies, is confidential data.”
The Treasury Division and the Small Enterprise Administration did not instantly reply to a request for remark.
Whereas the PPP is geared toward serving to small companies, greater than 245 public firms utilized for a minimum of $905 million from this system, CNBC reported. Many firms later refunded these loans after public criticism.
Disclosure across the funds geared toward coronavirus aid has been a touchstone for Democrats since they started negotiating the greater than $2 trillion CARES act geared toward serving to companies, states and people reeling from the pandemic.
President Donald Trump has pushed again towards the authority of the inspector basic supervising a $500 billion fund the Treasury oversees geared toward serving to bigger companies, sparking related outcry from Democrats.