After months of litigation between news organizations seeking information on who benefited from small business administration and epidemic relief programs, the agency on Tuesday night released a switched dataset of every small business receiving a Paycheck Protection Program (PPP) or Financial Injury Disaster (EIDL). Provided. ) Loan.
The waiver reveals the most complete accounting information to date of more than માહિતી 700 billion in loans, levied by Congress and the Trump administration for accepted costs, including payroll, rent, utilities and mortgage interest payments.
Preliminary analysis by NBC News, one of eleven newsrooms that sued for the release of the data, raised questions about the equality and distribution of loans. Wealth owned by the Trump Organization, as well as profits from a family program at President Donald Trump’s son-in-law Jared Kushner’s Kushner Company. Data shows:
- Owners of businesses addressed to Trump and Kushner real estate property were given 25 PPP loans of more than 3.65 million, paying rent to the owners. Fifteen properties have self-reported that they have only one job, zero jobs, or no reported numbers.
- The loans to Trump and Kushner properties include a ને 2,164,543 loan to Triumph Restaurant Corp., located at the Trump International Hotel and Tower in New York City. The company reported that the money did not go to keep a job. It closed later.
- A company called LB City Inc., which is located at Kushner’s Bungalow Hotel in Long Branch, NJ, got a loan of Rs 5,505,552.50 which was 155 jobs.
- The two tenants on 725th Avenue, the Trump Tower, have received more than 000 100,000 and retained only three jobs.
- Four tenants of 666th 5th Avenue, owned by Kushner, received more than 204,000 ants, and retained only 6 jobs.
The data release on Tuesday evening also found some signs of maladministration. More than 100 loans were made to companies where no business name was listed, listed as “no name available” or showing potential data entry errors, such as names that appeared to be dates or phone numbers. More than 300 companies are said to have obtained more than કરોડ 100 million in loans through their subsidiaries. Businesses were not expected to receive more than 10 10 million per entity, except in the food, hospitality or hotel industries.
The findings immediately raise concerns with government responsibility groups.
“After many months and broken promises, the court ordered the release of this crucial data when the Trump administration is one foot out the door and it is a shameful trend to enforce a program that millions of workers and small businesses need to go through. “This epidemic,” said Kyle Harrig, president of Accountability.US, a liability inspector, in a statement.
Original purpose
The original purpose of the PPP programs conducted by the authorities was to provide pay scales for small businesses struggling under the effects of the coronavirus lockdown measure. There is a loan to provide a bridge during the summer for what was expected to be an improved economic and health environment in the fall.
But almost from the beginning, programs, especially PPP programs, criticized how they were managed and messaged, and whether it was appropriate.
Large national banks initially lent only to customers with whom they had a pre-existing lending relationship. Businesses owned by people of color without strong banking relationships found themselves with limited access and forced them to find other ways to fund. After being lobbied by the hotel and restaurant industry, there was also the constant question of what the definition of “small business” is, with 98 percent of small businesses in the U.S. having less than 100 employees, even the maximum number of employees allowed for 500 lo.
The administration tried to address the complaints, such as setting a date for small community banks to apply for loans. But it was also flooded with SBS computer systems. These controversies increased the pressure for transparency.
But unlike previous government bailout programs, the agency released less detailed versions, which it said excluded business names and addresses from less than 150,000 borrowers for privacy reasons. And were listed in the loan range, rather than a specific amount of the loan.
Mixed feedback
SBA defended its program management when it released its data on Tuesday evening.
A SBA spokesman said in a statement along with the release that SBA’s historically successful Covid relief loan programs have helped millions of small businesses and millions of American workers when they needed them most.
But government liability groups searched for data late into the night and uploaded it to publicly searchable databases such as SearchPPP.com, so they regretted what happened to many small businesses due to the mismanagement of the loan program.
“Only now – after being pushed into his hands, thousands of small businesses have come under, and millions of taxpayer dollars have been wasted – have the curtains been pulled back to expose the malpractice behind this administration,” Harrig said. “Americans were eligible for an open, transparent small business assistance program when the epidemic began, and any small business relief program must learn from its failure.”
