Inconsistencies Found in Paycheck Protection Program After SBA Releases Data
Nearly a week after the Small Business Administration began to publicly release Paycheck Protection Program (PPP) loan data, reports have emerged that some data related to loan values, loan recipients, and jobs retained are inaccurate.
An analysis of PPP data found that the publicly available information is riddled with anomalies. For example, although the maximum PPP loan data for a one-person enterprise Is $20,833, more than 75,000 loans listing one job retained higher amounts—including 154 recipients who received $1 million or more. Additionally, out of almost 4.9 million loans, the number of “jobs retained” is zero for 554,146 loans and blank for 324,122, according to SBA data. There were also instances of companies who claimed they appeared in the release of the loan data, despite never having either applied for and/or received a PPP loan.
These inaccuracies could serve as additional fodder for Members of Congress who were already calling for more oversight of the program over reports that PPP loans had gone to large lobbying firms, law firms and other businesses with connections to the Trump Administration and Members of Congress.
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