June 19, 2020

Cardin Statement on Increased Transparency in Paycheck Protection Program

WASHINGTON — U.S. Senate Committee on Small Business & Entrepreneurship Ranking Member Ben Cardin (D-Md.) today issued the following statement after the U.S. Small Business Administration (SBA) and the Department of the Treasury announced that SBA will begin to disclose data on the recipients of Paycheck Protection Program (PPP) loans:

“From the beginning of this economic crisis, Congress has been working to ensure that the implementation of PPP meets the standard of transparency the American people deserve. I am pleased that the Trump Administration reversed course from its initial refusal to disclose this data following calls for transparency from me, Chairman Rubio, and our Democratic and Republican colleagues. As Congress begins to consider the best way to continue supporting small businesses in the weeks and months to come, this data will help ensure that we are able to get capital as quickly as possible to the small businesses that need it most," said Senator Cardin.

On April 17, Cardin and Democratic Senators Jeanne Shaheen (N.H.), Chuck Schumer (N.Y.), and Ron Wyden (Ore.) sent a letter to SBA Administrator Jovita Carranza and Treasury Secretary Steven Mnuchin urging the officials to provide American taxpayers with data on how small business relief funds are being distributed.

On May 5, Senate Republicans blocked legislation introduced by Cardin, Shaheen, Schumer and Democratic Senators Sherrod Brown (Ohio), Joe Manchin (W.Va.), and Jack Reed (R.I.) that would require SBA to provide Congress and the public with timely, detailed data on the agency’s COVID-19 small business relief programs.

On June 12, Cardin criticized the Administration’s refusal to provide any data on who is receiving PPP loans to Congress or the public.

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