Page 26 - bon-dia-aruba-20200616

A26 U.S. NEWS
Tuesday 16 June 2020
House demands coronavirus loan info from Treasury, banks

By MARY CLARE JALONICK gram applications from our
and MATTHEW DALY small business customers to
Associated Press the U.S. Small Business Ad-
WASHINGTON (AP) — A ministration.''
House subcommittee in- As of May 31, 168,000 PPP
vestigating billions of dol- applications have received
lars in coronavirus aid is SBA guaranties through
demanding that the Trump Wells Fargo totaling $10.2
administration and some of billion, spokeswoman Jen-
the nation's largest banks nifer Dunn said. More than
turn over detailed informa- 80% of funding is for com-
tion about companies that panies with less than 10
applied for and received employees and more than
federal loans intended for 50% of the loans are for
small businesses. $25,000 or less, she said.
The requests Monday Louisiana Rep. Steve Scal-
came after Treasury Secre- ise, the No. 2 House Repub-
tary Stephen Mnuchin told lican and the senior GOP
Congress last week that the member on the corona-
names of loan recipients virus subcommittee, said
and the amounts disbursed Democrats were "asking
as part of the $600 billion- questions that have al-
plus Paycheck Protection ready been answered,"
Program are "proprietary in- and trying to make that
formation" and do not have Treasury Secretary Steven Mnuchin speaks during a Senate Small Business and Entrepreneurship "look like real oversight to
hearing to examine implementation of Title I of the CARES Act, Wednesday, June 10, 2020 on
to be made public. Demo- Capitol Hill in Washington. hurt President Trump in an
crats say there is nothing Associated Press election year.''
proprietary or confidential Lawmakers already know
about businesses receiving favored large, well-funded whether federal funds are 4.5 million loans worth $511 that financial institutions
millions of taxpayer dollars. companies over smaller helping vulnerable busi- billion. But it has yet to re- were able to process ap-
The letters ask the banks, businesses in underserved nesses and saving jobs, or veal the recipients of tax- plications from existing cli-
Treasury Department and communities. In the let- are being diverted due to payer aid. The agency has ents more quickly than new
the Small Business Admin- ters, the Democrats on the waste, fraud, and abuse." only provided general in- clients because of vetting
istration for a complete House Select Subcommit- The committee, which is formation, such as the total requirements under existing
list of applicants for loans, tee on the Coronavirus Cri- headed by Rep. James amounts of loans awarded law, Scalise said. The bank-
whether they were ap- sis request that the banks Clyburn, D-S.C., sent the in a given time period. ing industry warned Con-
proved and details on the "take immediate steps letters to executives of The loans can be forgiven gress this would happen
guidance Treasury has is- to ensure that remaining some of the largest lend- if businesses use the money before the program was
sued. The subcommittee is PPP funds are allocated ers in the program, includ- to keep employees on pay- approved, he added.
also asking for communica- to those businesses truly in ing JP Morgan Chase, Wells roll or rehire workers who "The indisputable fact is that
tions between the govern- need." Fargo, U.S. Bancorp, Bank have been laid off. PPP is working for American
ment and the banks. In the letter to Mnuchin of America, PNC Bank and A spokeswoman for Wells businesses," Scalise said. "It
Democrats say they are and Small Business Admin- Citigroup. Fargo says the San Francis- was designed to get mon-
not receiving enough in- istrator Jovita Carranza, In the 10 weeks after the co-based bank "continues ey out the door and into
formation about the loan the Democrats urged more Paycheck Protection Pro- to work as quickly as pos- workers' paychecks quick-
disbursements and fear the transparency "so American gram was launched, the sible to prepare and submit ly, and that's what it has
Treasury Department has taxpayers can understand SBA says it has processed Paycheck Protection Pro- been doing.''q

Carson thinks Trump will 'get there' on athletes kneeling

Monday he would work might persuade the presi- Press reporter who listened
with the president on the dent not to be upset with to the audio confirmed
issue of athletes taking a players kneeling during the that Carson's response in-
knee during the national anthem, Carson replied: cluded the "with."
anthem, though Trump has "Well, I don't think he has Carson's take runs contrary
shown no signs of softening, manifested as much ani- to Trump's tweeting over
tweeting over the weekend mosity in that region lately. the weekend. He retweet-
that he would not watch And I think we just continue ed Republican Reps. Jim
soccer or football if players to work with him. He'll get Jordan or Ohio and Matt
don't stand for the national there." Gaetz of Florida taking is-
anthem. HUD officials said Carson sue with the U.S. Soccer
Housing and Urban Devel- was not available to elabo- Board of Directors voting
opment Secretary Ben Car- rate further. However, they to repeal the policy that re-
son said he believes that pointed out that the show's quired players to stand dur-
most players are kneeling transcript dropped an im- ing the national anthem.
Housing and Urban Development Secretary Ben Carson testifies
before a Senate Banking, Housing, and Urban Affairs Committee to protest police brutality, portant word in Carson's "It has become clear that
hearing on Capitol Hill in Washington, Tuesday, June 9, 2020. not because they disre- comments — in which the this policy was wrong and
Associated Press spect the flag. He added secretary said he would detracted from the im-
that players need to make work "with" Trump on the is- portant message of Black
WASHINGTON (AP) — The member of President Don- that clear. When asked on sue, rather than "work" the Lives Matter," the directors
lone African American ald Trump's Cabinet said the Hugh Hewitt Show if he president. An Associated said.q