New Analysis Shows Some Blue States Lagging Behind In Small Business Bailout

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As applications reopen for a second round of emergency funds for small businesses, there are growing calls for more transparency in how the Small Business Administration distributes the loans.

New analysis shows there could be some political favoritism at play in which businesses are getting money from the Paycheck Protection Program.

Here & Now's Tonya Mosley speaks with Aaron Glantz (@Aaron_Glantz), a senior reporter at Reveal and author of the book "Homewreckers."

Statement from the U.S. Small Business Administration: 

Frequently asked questions can be found here. The Small Business Administration file submission memo can be found here.

The minimum bulk submission per lender is 15,000 SBA-ready PPP loans.

  • Those applications won’t be processed until after 10:30 am EDT on Monday.
  • All applications must be properly filled out, they will be processed individually even though they were submitted in an XML file submission.

The 10% cap ($60 billion) is the sum of total funding authority (from both tranches) granted by Congress, exclusive of the additional $60 billion preserved for lenders with assets under $50 billion.

  • $600B = $349+311-60
  • This measure helps every lender have equal access to help their small business clients.

New lenders are still welcome to participate in PPP Round 2 even if they did not participate in PPP Round 1.

This segment aired on April 27, 2020.



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