The Trump administration has refused to disclose the names of more than 4.5 million companies that have received over $500 billion in corporate bailout money through the $2+ trillion federal CARES Act program, progressive groups note "This is outrageous AND exactly what was obviously going to happen AND exactly why many of us opposed CARES as written." The act established the Paycheck Protection Program with $349 billion in funding for forgivable loans. After the initial capital ran out in just 13 days, lawmakers approved $310 billion more. Although the SBA "typically discloses names of borrowers from the loan program" on which the PPP is based, Treas. Sect'y Mnuchin testified to the Senate Committee on Small Business and Entrepreneurship that he won't be following that model for the Covid-19 program, despite concerns about which companies are benefiting from it.
At www.commondreams.org
