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A recent study from the National Bureau of Economic Research found no more than 34% of Paycheck Protection Program (PPP) money went directly to workers who otherwise would have lost their jobs.
This is especially concerning because despite a requirement that at least 60% of funds received by businesses be spent saving jobs, the Small Business Administration (SBA) has announced that 85% of these loans have already been forgiven.
Now, we're joining Representative Judy Chu in calling for real transparency.
Contribute to Americans for Financial Reform and Fund the Fight to force the SBA to reveal how much the COVID Paycheck Protect Program spent on saving jobs now!