Torres to SBA: Don’t Play Games with Small Business Loans
WASHINGTON, DC – Congresswoman Norma J. Torres (CA-35) today questioned why the Small Business Administration (SBA) notified the public only hours before a special loan approval period it claimed was to help small businesses secure Paycheck Protection Program (PPP) loans.
That time period, which lasted from 4:00pm until 11:59pm EST yesterday, was announced by SBA Administrator Jovita Carranza and Treasury Secretary Steve Mnuchin just hours before it took place.
"If SBA's goal was to help small businesses receive vital PPP funds, then limiting exclusive access for small lenders to just 8 hours on only one day, and providing almost no notification to the public so they would even know to participate, clearly undercut that effort," Rep. Torres said. "Our small businesses are hanging on by a thread – they are waiting for the federal support they were promised, and instead the Administration is pulling disingenuous stunts. Claiming to help small businesses is not the same thing as actually helping them, and the American people will see through this superficial behavior."
Congresswoman Torres sits on the House Appropriations Committee, and was among the first lawmakers to discover SBA's intentions yesterday. She notified constituents on social media and with a mass e-newsletter.
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