WASHINGTON—After hearing from small businesses in Connecticut about the lack of transparency as it relates to the Paycheck Protection Program (PPP), passed in the CARES Act, and the Emergency Injury Disaster Loan (EIDL) program, U.S. Senator Chris Murphy (D-Conn.) and U.S. Senator Richard Blumenthal (D-Conn.) on Thursday sent a letter to the U.S. Department of Treasury and Small Business Administration (SBA) urging the agencies to give specific data regarding the loan programs. To date, the SBA and the Treasury Department have only provided limited, top-line data about these programs. 

“Businesses and non-profits across Connecticut that were unable to secure the loans or grants associated with these programs are desperately awaiting relief. While the Small Business Administration (SBA) has provided limited, top-line data about some of these program expenditures, these data are insufficient to evaluate whether these programs are assisting the businesses and non-profits Congress intended to help,” Murphy and Blumenthal wrote.

The senators continued: “To better assure the efficacy of these programs for our Connecticut constituents and businesses, we ask you to provide specific information to help us undertake our oversight responsibilities of these critical programs.” 

“Throughout Connecticut, many small businesses are left questioning relief efforts. We can address their concerns by offering transparency and instilling confidence in these programs,” the senators concluded. 

Full text of the letter can be viewed here and below:

The Honorable Steven T. Mnuchin               
Secretary of the Treasury                  
U.S. Department of the Treasury      
1500 Pennsylvania Ave, N.W.
Washington, D.C. 20220        

The Honorable Jovita Carranza
Administrator of the SBA
U.S. Small Business Administration
409 3rd St, S.W.
Washington, D.C. 20416

Dear Secretary Mnuchin and Administrator Carranza, 

Following the Senate’s passage of additional funding for the Paycheck Protection Program (PPP), the Economic Injury Disaster Loan (EIDL) Program, and the Emergency EIDL Grant Program, it is more important than ever to have real-time, comprehensive information about how funding from these programs is being distributed.  Businesses and non-profits across Connecticut that were unable to secure the loans or grants associated with these programs are desperately awaiting relief. While the Small Business Administration (SBA) has provided limited, top-line data about some of these program expenditures, these data are insufficient to evaluate whether these programs are assisting the businesses and non-profits Congress intended to help. To better assure the efficacy of these programs for our Connecticut constituents and businesses, we ask you to provide specific information to help us undertake our oversight responsibilities of these critical programs.  

Specifically, with regards to the PPP, we request the number and amount of loans distributed to small businesses, businesses under the NAICS 72 exception, and non-profits and religious institutions in Connecticut, separated by industry, yearly revenue, loan size, geographic location, and business size. In addition, we would like you to provide the number of women and minority-owned businesses that were approved for PPP loans, as possible. We also request data about lending institutions participating in the PPP, specifically the number and amount of loans executed by each lending institution, separated by geographic location, industry, and loan size. 

With regards to the EIDL Program and the Emergency EIDL Grant Program, we request the number and amount of loans and grants distributed to small businesses and non-profits in Connecticut—separated out by geographic location, industry, loan size, the number of women and minority-owned businesses, and, where applicable, grant size. 

Throughout Connecticut, many small businesses are left questioning relief efforts. We can address their concerns by offering transparency and instilling confidence in these programs.  

We appreciate your immediate attention to this request.

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