WASHINGTON, D.C. – Today, Senator Rick Scott released the following statement after the Small Business Administration (SBA) released detailed loan information for millions of borrowers under the Paycheck Protection Program (PPP). The new data shows that as of August, more than half of the $522 billion in the program went to bigger businesses, and only 28 percent of the money was distributed in amounts less than $150,000.
Senator Rick Scott said, “For months, I’ve been calling on the SBA to be as transparent as possible about how American taxpayer money is being spent within the PPP program, including releasing a list of all PPP recipients. I’m glad this information is finally out. We know there was widespread fraud and abuse throughout the program, and tens of thousands of companies received PPP loans when they shouldn’t have. Now, as Congress considers additional relief for individuals and small businesses, we have to make sure ANY extension of the PPP program includes common sense reforms. This money was supposed to be spent to help small businesses, not bail out huge corporations. We need to fix this and make sure loans only go to businesses that have shown a substantial reduction in revenue due to the coronavirus. I will keep fighting to make reform and ensure the small businesses and individuals that have been harmed can get the help they need.”
Senator Scott has been calling for reform to the broken PPP program to help those in need:
- In April, Senator Scott wrote an op-ed outlining the government waste in the CARES Act, including problems with the PPP program.
- In April, Senator Scott proposed an amendment to make sure PPP loans only go businesses that show a substantial reduction in revenue due to the coronavirus, and to make it clear that banks should not and cannot set requirements that actively withhold help from those in need.
- In May, Senator Scott called for misused PPP loans, like those to Planned Parenthood, to be returned. He also joined his colleagues in letters to the SBA Administrator and the Department of Justice calling for a full investigation into how 37 Planned Parenthood affiliates applied for and improperly received a total of $80 million in loans.
- In July, the Democrats blocked Senator Scott’s amendment to make sure that these loans only go to businesses that show a substantial reduction in revenue due to the coronavirus. He also called on the Treasury Department and SBA to release the full list of PPP loan recipients.