POLITICO: Schumer, Warren demand investigations of small business loans
President Donald Trump on Friday signed into law another $320 billion for the aid effort.
Sens. Chuck Schumer, Elizabeth Warren and other Democrats are calling on government watchdogs to investigate the $670 billion small business rescue program that Congress replenished with funding this week, amid concerns that large companies got too much of the money.
Senate and House Democrats sent requests to the inspectors general of the Small Business Administration and the Treasury Department asking them to investigate how banks implemented the Paycheck Protection Program and whether businesses that received funds were really in need.
The letters reflect a growing worry that big banks made it too easy for large companies to acquire the loans while scores of smaller, independent businesses were left out before the initial $350 billion tranche of funding was exhausted by April 16. President Donald Trump on Friday signed into law another $320 billion for the aid effort.
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Read the full story on the POLITICO website here.
By: Zachary Warmbrodt
Source: POLITICO
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