Small businesses expect transparency on their relief program especially as SBA loan data shows funding has not been distributed equitably
SBA Loan Data Transparency
On the Trump administration’s decision not to release the SBA loan data, Executive Director of the Main Street Alliance Amanda Ballantyne had this to say:
“Without transparency as to which businesses received the taxpayer funded Paycheck Protection Program, it will be impossible to assess whether the program actually achieved its goals of helping small businesses and maintaining employment during the COVID crisis. It is ridiculous that the Trump Administration would withhold this information and suggests the possibility that they have something to hide. Bureau of Labor Statistics data has shown that Latino and Black small business owners have shuttered at 1.5 times and double the rate respectively, compared to overall small businesses, which suggests that federal relief programs are not flowing equitably. Without data on the PPP loan program, we risk not identifying major gaps, and continuing to exacerbate wealth inequality in the country.
The administration must release this information immediately, if they want to prioritize equitable results. It is a vital step to rectifying the major design flaws of this program and highlighting where we need to redouble our efforts in supporting an economic recovery.”
Do you agree? Should the data be released? Why shouldn’t SBA loan data be available to public if it is using taxpayer money? On the other hand, it may be a privacy concern to some business owners and dissuade those who need from taking the funds? Sound off in the comments section.
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