Senator Ben Cardin (D-MD), the ranking democrat on the Senate Committee on Small Business and Entrepreneurship, joined Politico’s chief economic correspondent, Ben White, to discuss the Paycheck Protection Program (PPP).
The COVID-19 pandemic has presented unprecedented challenges to Americans. Over the past few weeks, many small business owners have applied for the PPP and Economic Injury Disaster Loan (EIDL) Program. While these programs have been very popular, they have also had some technical issues. Supplemental PPP and EIDL funding was enacted at the end of April as the programs initial funding ran out.
Senator Cardin stated that the PPP will need more funding, however, one of the major shortcomings is that the U.S. Small Business Administration (SBA) has not provided Congress with specific information on the roll out of the program. Senator Cardin emphasized a need for more transparency with the PPP and EIDL programs in order to strengthen both programs in the next round of COVID-19 legislation.
Senator Cardin, Senator Jeanne Shaheen (D-N.H.), and Senate Democrat Leader Chuck Schumer (D-NY), have introduced legislation to increase transparency and accountability of small business relief efforts.
To read the press release, click here.