Rep. Kind Urges the SBA and Treasury to Provide Accurate PPP Data in Order to Assist Small Businesses
La Crosse, WI—Today, Rep. Ron Kind sent a letter to Small Business Administration (SBA) Administrator Jovita Carranza and Department of Treasury Secretary Steven Mnuchin calling for the agencies to clarify serious reporting inaccuracies regarding the number of jobs supported by the Paycheck Protection Program (PPP), which was created under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Reports have found that data released by the SBA inflated the number of jobs supported or saved by the PPP, raising doubts about statements from members of the Administration that 51 million jobs were supported by the program. In some instances, the reported number of jobs supported by the PPP were higher than the number of jobs in entire sectors of the economy. As Congress works to support small businesses and potentially expand or modify the program, accurate data is needed in order to show what is working well and what improvements must be made.
“There’s no doubt that the PPP was a valuable tool for our small businesses during the COVID-19 crisis, in many cases thanks to the dedication and tireless work of our local lenders and state SBA officials,” said Rep. Ron Kind. “However, many small businesses are still struggling to stay afloat during these challenging times. As we continue to work to ensure small businesses and their employees receive the assistance they need, accurate data is critical and I’m extremely concerned by reports that numbers from the SBA may be skewed. The SBA and Treasury must immediately provide more information to clarify these reporting inaccuracies.”
Wisconsin has over 448,000 small business, including 318,541 self-employed individuals, accounting for more than 99% of all businesses and employing nearly half of all Wisconsinites. In April, Rep. Kind voted in support of the Paycheck Protection Program and Health Care Enhancement Act, which replenishes the Paycheck Protection Program (PPP) for small businesses and their employees.
Read the letter here.