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The horror story of how the Trump administration has handled PPP loans
Source: Washington Post
The horror story of how the Trump administration has handled PPP loans
Opinion by Colbert I. King
Columnist
7/17/2020, 5:33:13 p.m.
-snip-
A Post in-depth analysis of data on $517 billion in emergency small-business loans handed out by President Trump’s team at the Small Business Administration uncovered errors so numerous that White House boasts of the PPP’s economic impact are nothing more than spin and hot air.
The analysis found the SBA claimed that many companies had “retained” far more workers than they actually employed. “In some cases,” the article said, “the agency’s jobs claims for entire industries surpasses the total number of workers in those sectors.”
Looking closely at more than 875,000 of the borrowers, the analysis found that “zero” jobs were supported, or no information was listed at all.
So Trump’s claim that 51 million jobs were “supported” by the PPP is unsupported by facts.
To the contrary, his Small Business Administration may be reporting fiction.
-snip-
Opinion by Colbert I. King
Columnist
7/17/2020, 5:33:13 p.m.
-snip-
A Post in-depth analysis of data on $517 billion in emergency small-business loans handed out by President Trump’s team at the Small Business Administration uncovered errors so numerous that White House boasts of the PPP’s economic impact are nothing more than spin and hot air.
The analysis found the SBA claimed that many companies had “retained” far more workers than they actually employed. “In some cases,” the article said, “the agency’s jobs claims for entire industries surpasses the total number of workers in those sectors.”
Looking closely at more than 875,000 of the borrowers, the analysis found that “zero” jobs were supported, or no information was listed at all.
So Trump’s claim that 51 million jobs were “supported” by the PPP is unsupported by facts.
To the contrary, his Small Business Administration may be reporting fiction.
-snip-
Read more: https://www.washingtonpost.com/opinions/the-horror-story-of-how-the-trump-administration-has-handled-ppp-loans/2020/07/17/0eb0cac4-c852-11ea-b037-f9711f89ee46_story.html
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Related: Faulty data collection raises questions about Trump’s claims on PPP program (Washington Post)
