Small Business Majority requests transparency in PPP lending
Thursday, June 18, 2020
On June 18, Small Business Majority called on U.S. Treasury Secretary Steven Mnuchin and Small Business Administrator Jovita Carranza to develop an oversight mechanism of the Paycheck Protection Program (PPP). In a letter sent to the Administration, Small Business Majority proposed a straightforward approach to collecting relevant borrower information, while making publicly available only the full data of the highest 15% of borrowers. The recommendation addresses the concerns raised by the Administration and some lawmakers about protecting borrower privacy, while also conducting oversight of the program.