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BUSINESS Monday 22 June 2020
Watchdogs: Treasury too secretive on small business loansa

By ANNE D'INNOCENZIO ter an outcry, some said
AP Business Writer they would return the mon-
NEW YORK (AP) — The ey. The SBA has so far only
Trump administration has provided general informa-
relented to public pres- tion about the beneficia-
sure and pledged to pro- ries of its loans, such as the
vide more details about industry they are in and the
which small businesses re- state in which they are lo-
ceived loans from a $600 cated.
billion-plus coronavirus aid John Arensmeyer, found-
program. But government er and CEO of the Small
watchdogs say even more Business Majority, said in a
transparency is needed to statement that minority-
get an accurate picture of and women-owned busi-
who was helped, and who nesses appear to be get-
was left out. ting disproportionately less
Under pressure from Demo- funding than others, based
cratic lawmakers and gov- on surveys of the 65,000
ernment watchdogs, the businesses in his network.q
Treasury Department and
the Small Business Admin-
istration said Friday they
would disclose the names
of small business owners In this April 21, 2020, file photo Treasury Secretary Steven Mnuchin speaks about the coronavirus
in the James Brady Press Briefing Room of the White House in Washington.
who received $150,000 or Associated Press
more in forgivable loans.
The agencies will reveal the centage of loans went to spokespeople didn't re- to businesses borrowing
general amount these busi- minority-owned businesses. spond to a request for com- more than $150,000. But
nesses received, their ad- A factory located in a mi- ment Saturday, although 86% of the loans have gone
dress, demographic data nority neighborhood, for ex- Secretary Steven Mnuchin to businesses borrowing less
and the number of jobs ample, could be owned by has previously said he is than $150,000, according
they helped protect. an individual or conglomer- concerned about business to the SBA.
But for loans of less than ate based elsewhere. owners' privacy. The Paycheck Protection
$150,000, the agencies will The administration's new Sen. Marco Rubio, the Flor- Program started in early
not name the recipients, approach on disclosure ida Republican who heads April and runs out at the
revealing only summary in- "is a big deal compared the Senate Small Business end of the month. The loans
formation broken down by to where we were, but it's Committee, said Friday that can be forgiven if business-
zip code, industry and de- not enough to have con- Treasury's plan to disclose es use the money to keep
mographics. fidence that this money is more information strikes the employees on payroll or
Experts say this could paint going to the right people, right balance. rehire workers who have
an incomplete or mislead- who actually urgently need As of Friday, the SBA said it been laid off.
ing picture. Recipients of it," said Danielle Brian, ex- had processed 4.6 million Several hundred publicly
smaller loans could be part ecutive director of the non- loans worth about $512 bil- traded companies re-
of a bigger subsidiary that partisan Project On Gov- lion. ceived these loans despite
would be hidden, and it ernment Oversight. Nearly 75% of the money their likely ability to borrow
won't be clear what per- Treasury Department approved so far has gone money elsewhere and, af-

Owner of Eskimo Pie to change its ‘derogatory’ name

By ANNE D'INNOCENZIO brands reflect our people name or logo. Geechie ing "an immediate review"
AP Retail Writer values." The treat was pat- Boy Mill, a family-owned of its packaging. A smiling
NEW YORK (AP) — The own- ented by Christian Kent operation in South Carolina black chef holding a bowl
er of Eskimo Pie is chang- Nelson of Ohio and his busi- that makes locally-grown of cereal has appeared
ing its name and marketing ness partner Russell C. Sto- and milled white grits, said on Cream of Wheat pack-
of the nearly century-old ver in 1922, according to Wednesday it is "listening aging and in ads since at
chocolate-covered ice Smithsonian Magazine. and reviewing our overall least 1918, according to
cream bar, the latest brand Eskimo Pie joins a grow- branding," though no de- the company's website.
to reckon with racially ing list of brands that are cisions have been made. Chicago-based Conagra
charged logos and mar- rethinking their marketing Geechie is a dialect spo- Brands, which makes Mrs.
keting. "We are commit- in the wake of the Black ken mainly by the descen- Butterworth's syrup, said
ted to being a part of the Lives Matter protests in re- dants of African American its bottles — which are
solution on racial equality, cent weeks triggered by slaves who settled on the shaped like a matronly
and recognize the term is the death of George Floyd. Ogeechee River in Geor- woman — are intended
derogatory," said Elizabell Quaker Oats announced gia, according to Merriam- to evoke a "loving grand-
Marquez, head of market- Wednesday that it will retire Webster.com. mother." But the company
ing for its parent Dreyer's the Aunt Jemima brand, Mars Inc. said it's also re- said it can understand that
Grand Ice Cream, the U.S. saying the company rec- viewing its Uncle Ben's rice the packaging could be
subsidiary for Froneri, in a ognizes the character's ori- brand. B&G Foods Inc., misinterpreted. Critics have
statement. "This move is gins are "based on a racial which makes Cream of long claimed that the bot-
part of a larger review to stereotype." Other com- Wheat hot cereal, also said tle's design is rooted in the
ensure our company and panies are reviewing their this past week it is initiat- "mammy" stereotype.q