Tags: Coronavirus | us treasury | ppp loans | ppp applications

Treasury Blames Lenders for PPP Problems

us treasury secretary steven mnunchin
US Treasury Secretary Steven Mnunchin (Michael Brochstein/AP)

By    |   Wednesday, 08 July 2020 11:30 AM

The U.S. Treasury Department said lenders are to blame for any discrepancies reported during Monday’s PPP data disclosure, Axios reports.

On Monday, the Treasury released the names of more than 660,000 small businesses that received Paycheck Protection Program loans of at least $150,000.

But some of the companies and investment firms listed as receiving loans said they didn’t receive funding. Some say they never even applied.

“Companies listed had their PPP applications entered into SBA’s Electronic Transmission (ETran) system by an approved PPP lender. If a lender did not cancel the loan in the ETran system, the loan is listed," a senior administration official said.

In one instance, e-scooter company Bird was listed as receiving a PPP loan between $5 and $10 million. The company said it did begin an application with Citi, but it opted against applying. Citi told Axios it did not fund a PPP loan for Bird.

It is unclear how many errors have been made. Axios said there are talks of an audit being conducted.

The Treasury estimates the PPP protected 51 million jobs, but that number is now in question as some of the loans listed didn’t actually take place.

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The U.S. Treasury Department said lenders are to blame for any discrepancies reported during Monday’s PPP data disclosure, Axios reports.
us treasury, ppp loans, ppp applications
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2020-30-08
Wednesday, 08 July 2020 11:30 AM
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