Maryland Comptroller Peter Franchot joins the Pennsylvania Auditor General and Delaware State Auditor in demanding transparency in the federal Paycheck Protection Program (PPP).
Yesterday, Comptroller Franchot and State Auditors from Pennsylvania and Delaware joined together to call for transparency in the federal Paycheck Protection Program. The Program was launched by congress through the Coronavirus Aid, Relief and Economic Security (CARES) Act to provide potentially forgivable loans to small businesses who continue to retain and pay their employees. The program, facilitated by the U.S. Small Business Administration, was originally supplied with around $350 billion, but quickly ran out of money. The program has faced some criticism as several larger companies have received loans up to the maximum $10 million. With another $310 billion on the way to the program courtesy of the latest relief package, Comptroller Franchot and State Auditors in the region are calling for a “full accounting” of businesses receiving funds.
From the press release:
“These funds must be used to help small businesses, the backbone of Maryland and our nation’s economy, keep their lights on and our families employed,” Maryland Comptroller Peter Franchot said. “While our small businesses waited for modest loans that never materialized, major corporations received tens of millions of dollars. This can never happen again. Small businesses across this country are on life support and on the precipice of permanent ruin and they are the businesses that should be the focus of any federal assistance.”
Comptroller Franchot Press Release
NPR Article Detailing Larger Businesses Receiving PPP Loans
Prior Conduit Street Coverage:
U.S. Senate Passes COVID-19 Relief Package
New Paycheck Protection Program For Small Businesses Already Out of Funds