Letter to Jovita Carranza, Small Business Administration Administrator - Matsui Demands Transparency in SBA PPP Loan Information

Letter

Dear Administrator Carranza,

I write today to urge you to take immediate steps to increase transparency at the Paycheck Protection Program (PPP) by providing information on recipients and the amounts of PPP loans in the Sacramento region. Congress has provided $659 billion to the PPP and oversight is needed to ensure these taxpayer dollars are used responsibly.

The Small Business Administration's PPP loans are designed to help small businesses stay open and retain workers during the spread of COVID-19. For small businesses struggling to maintain operations, these loans can make the difference between lay-offs and closures or continued operations. Given the crucial role PPP loans can play in communities like Sacramento, I am deeply concerned that the SBA is not providing detailed information about the companies that are receiving these loans.

While the SBA has provided initial PPP loan guarantee breakdowns, these general reports lack the needed specificity to adequately evaluate the program's effectiveness in the Sacramento region. While the career employees at the SBA have been working diligently to distribute loans, complications and delays have hindered the program's effectiveness. Additionally, significant loans have been provided to large, publicly traded corporations, depriving small businesses without alternative sources of financing a chance to receive needed support. These consequential missteps have reinforced the need for public information about loan distributions. To help inform future legislation, and to evaluate the program's impact in my district, I am asking for written answers to the following requests:

To date, how many PPP applications have been received from businesses in California's 6th Congressional District?

To date, how many PPP applications from businesses in California's 6th Congressional District have resulted in a loan being issued?

Please provide a comprehensive list that includes all loans, and their amounts, distributed to businesses in California's 6th Congressional District.

For any federal program, but especially one with such far-reaching implications, transparency and thorough oversight are needed to ensure taxpayer dollars are being used effectively. I urge you to immediately make detailed information about loan amounts and recipients publicly available.

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