Clyburn says panel will look at how publicly traded companies got PPP loans

[babylonsister]

Clyburn says panel will look at how publicly traded companies got PPP loans
By Juliegrace Brufke - 04/27/20 12:01 PM EDT


House Majority Whip James Clyburn (D-S.C.) in a weekend interview said a new panel overseeing the federal response to the coronavirus will investigate how publicly traded companies won loans through the Paycheck Protection Program (PPP).

The PPP, set up under the $2.2 trillion coronavirus relief bill, was authorized to provide forgivable loans to small businesses struggling to stay afloat amid the pandemic.

But the program's initial $350 billion in funding was quickly depleted as larger companies such as Shake Shake, Potbelly and Ruth’s Chris were awarded loans.

While some of the companies have returned the funding, Clyburn, the top Democrat on the Select Committee on the Coronavirus Crisis, argued his panel's oversight is needed to restore confidence in the government.

“The legislative branch has a role to play in oversight,” Clyburn told The State. “I would hope that this committee will function with that in mind. ... We are there to ensure the American people maintain confidence in their government. We need that now more than ever in my lifetime.”

more...

https://thehill.com/homenews/house/494825-clyburn-says-panel-will-look-at-how-publicly-traded-companies-got-ppp-loans?fbclid=IwAR0rirrFGrr1-N_XfjGvBNPJoLOWF4Fo1KKlFiA7QAr4hzYjSh09nao9D_I

[onecaliberal]

1. I would assume it was written into the law.

[babylonsister]

2. I don't think so. Seems

like the dispersal wasn't monitored, so I'd also like to know.

This blew my mind:
https://www.npr.org/sections/coronavirus-live-updates/2020/04/27/846024717/even-the-la-lakers-got-a-ppp-small-business-loan


Even The LA Lakers Got A PPP Small Business Loan
April 27, 20203:47 PM ET

[onecaliberal]

4. Lawrence O'Donnell and Stephanie Rhule

Had a conversation about this on his show tonight and that is exactly what she said. These things happen because they’re written into the law. She even made a comment that she was shocked lawmakers were complaining since it was in the bill.

[notinkansas]

3. Does anybody know if Katie Porter

is on this panel?