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Millions of PPP and EIDL Loans Escape SBA Review, Government Report Finds

Submitted by mellissa on Mon, 04/05/2021 - 09:47
A new report from the Government Accountability Office (GAO) has revealed significant oversight deficiencies in the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan program (EIDL). This report demonstrates several of the GAO’s concerning discoveries, including incomplete loan reviews, lapses in recordkeeping, and insufficient oversight plans within the Small Business Administration (SBA).

American Rescue Plan Delivers Almost $107 Billion in Aid to Businesses

Submitted by mellissa on Thu, 03/18/2021 - 10:59
Like previous covid relief packages, the ARP allocates significant sums to American businesses, both large and small. Specifically, the bill contains almost $107 billion in direct relief to businesses and additional, significant appropriations for various employer tax credits.

Disparities in CARES Act Funding for Florida Schools

Submitted by mellissa on Tue, 03/09/2021 - 07:30
March, 9, 2021--Over 5,400 private schools across the country received loans from the Paycheck Protection Program (PPP). In total, these loans amount to an estimated $4.5 billion, or approximately $833,000 per school. Florida’s PPP loan data reveal similar trends. In Florida, more than 350 private schools received an estimated $236 million in PPP loans—approximately $675,000 per school.

However, PPP loans were not the only source of education funds for private schools; some were also eligible for federal grants through the CARES Act Elementary and Secondary Schools Emergency Relief

January 2021 PPP Loans Now Available on Covid Stimulus Watch

Submitted by mellissa on Tue, 02/23/2021 - 11:55

February 23, 2021--In early February, the SBA released data on more than 891,000 Paycheck Protection Program (PPP) loans issued since the reopening of the program on January 11. Of this new tranche of loans, roughly 106,000 were of $150,000 or more, amounting to $45 billion in sum. Those new loans of $150,000 or more are now available on Covid Stimulus Watch.

Since December, the SBA has disclosed exact dollar amounts for all PPP loans in its data releases. The new batch of loans, as well as previous loans, are available on Covid Stimulus Watch with exact loan values, allowing for more

Austerity for Whom?

Submitted by mellissa on Fri, 02/12/2021 - 14:56
Last week, Republican Senators unveiled an alternative to President Biden’s stimulus proposal. While the viability of this Republican proposal continues to wane, emerging concerns about “unspent” funds and aid overkill are likely to endure in future stimulus discussion and are worth public consideration.

Updated PPP Loans Now Available on Covid Stimulus Watch

Submitted by mellissa on Wed, 01/27/2021 - 22:21
Updated data on Paycheck Protection Program (PPP) loans of $150,000 or more is now available on Covid Stimulus Watch. The 661,000 loans on Covid Stimulus Watch now have precise dollar amounts instead of the range that was originally reported by the SBA.

Disparities in CARES Act Funding for West Virginia Schools

Submitted by mellissa on Wed, 01/06/2021 - 10:19
Over 5,400 private schools across the country received loans from the Paycheck Protection Program (PPP), amounting to an estimated $4.5 billion—approximately $833,000 per school. West Virginia follows this trend with 18 private schools receiving an estimated $5.8 million in PPP loans, or $322,000 per school.
 
CARES Act funding for public education, however, was not as generous. West Virginia was allocated $78 million in grants for its 768 Title I public schools through the Elementary and Secondary Schools Emergency Relief Fund (ESSER). Although the ESSER program is primarily

Covid Contractors and the Fraudsters

Submitted by pmattera on Sun, 09/20/2020 - 23:44
If you needed a plumber or a caterer, you would avoid a service provider who had in the past tried to bill you for work not performed or grossly overcharged for what was completed. The Trump Administration takes a different approach. In selecting contractors to provide the goods and services the federal government needs to deal with the pandemic, it has turned to dozens of corporations with a history of cheating Uncle Sam.

Who Is Hogging Covid Stimulus Funds?

Submitted by pmattera on Thu, 08/06/2020 - 18:30
The main cause for the stalemate in Congress over a new round of covid stimulus funding is a belief by numerous Republicans that the federal government has been too generous to the unemployed. The enhanced jobless benefits created by the CARES Act need to be curtailed, they argue, to push people to return to work.

Big Business and the PPP

Submitted by pmattera on Thu, 07/30/2020 - 17:40
By now it is clear that the recipients of Paycheck Protection Program loans were often companies larger than the mom-and-pop operations we were led to believe would be the main beneficiaries. A closer examination of the data shows assistance going not just to mid-sized companies but also to portions of Big Business.

Covid Stimulus Watch Adds $60 Billion in Economic Injury Disaster Loans

Submitted by mellissa on Wed, 07/29/2020 - 17:03

By Mellissa Chang

Covid Stimulus Watch now contains award information for almost 400,000 Economic Injury Disaster Loan (EIDL) payments from the CARES Act, amounting to more than $60 billion in loans. To date, the Small Business Administration has approved approximately $164 billion in EIDL loans, roughly half of its $360 billion allocation, to almost 3 million business. Of these loans, 80% were less than $150,000 and the average loan amount was just over $62,000.

Due to the high volume of loans and the relatively small size of most loan amounts, the Covid Stimulus Watch database only

Foreign-Owned Regulatory Violators Found Among PPP Recipients

Submitted by pmattera on Thu, 07/23/2020 - 16:01
The massive Paycheck Protection Program was depicted as a necessary measure to save American small businesses, yet the list of recipients of the forgivable loans released by the Treasury Department contains numerous companies that are neither small nor American.

Double-Dipping by PPP Healthcare Loan Recipients

Submitted by pmattera on Thu, 07/16/2020 - 18:16
Healthcare providers have faced significant challenges during the pandemic, but it was still surprising to see that sector show up as the largest recipient of assistance under the Paycheck Protection Program. That’s because hospitals and other providers were already receiving tens of billions of dollars in federal aid from other CARES Act programs.

Covid Stimulus Watch Adds New PPP Data

Submitted by pmattera on Mon, 07/06/2020 - 18:39
Covid Stimulus Watch has added the data released today by the Treasury Department on all Paycheck Protection Program loans of $150,000 or more. That brings the total number of awards listed on the site to more than 600,000—a twenty-fold increase.

New Federal Reserve Data Is Up on Covid Stimulus Watch

Submitted by pmattera on Mon, 06/29/2020 - 13:08
The Fortune 500 is now well represented on the list of CARES Act recipients. Yesterday, the Federal Reserve posted its first batch of information on corporate bond purchases under the Secondary Market Corporate Credit Facility. We have added the information to Covid Stimulus Watch.

Covid Stimulus Watch Posts Updated HHS Data on Aid to Hospitals

Submitted by pmattera on Fri, 06/12/2020 - 16:39

by Phil Mattera

The Department of Health and Human Services keeps updating the list of hospitals and other medical facilities receiving aid through the Provider Relief Fund. At Covid Stimulus Watch we scramble to capture the latest data and link the facilities listed by HHS to their health system parent entities.

HHS posted two updates to the list this week, and we have just finished adding our parent links to the data, which is now live on our site. We now include more than 11,000 grants of $500,000 or more from the program. These have a total value of $45 billion. For more info, see

What’s New in Covid Stimulus Watch

Submitted by pmattera on Sat, 05/23/2020 - 18:55
We’ve been spending a lot of time on the Provider Relief Fund awards data released by the Department of Health and Human Services. Focusing on those awards worth $500,000 or more, we have matched the individual hospitals listed in the data to their parent health systems, most of which are non-profits.

Rescuing the Cheaters

Submitted by pmattera on Thu, 05/14/2020 - 16:29
The federal government has been sending tens of billions of dollars in aid to the country’s hospitals under the Provider Relief Fund created by the CARES Act. That’s all well and good. Yet there is an awkward aspect to this: quite a few of the recipients have been accused of cheating the federal government in the past.

More Provider Relief Fund Data Added

Submitted by pmattera on Thu, 05/14/2020 - 12:15
An update for those of you interested in the Provider Relief Fund data: HHS posted a revised version of the recipient list with 17,000 more entries. It also posted a separate list of "high-impact" awards to hospitals which have treated 100 or more covid patients. We have uploaded the full high-impact list and the other new awards above $500,000 to Covid Stimulus Watch, adding the names of the health systems to which the individual facilities belong. 
 

Covid Stimulus Watch Adds 5,000 Healthcare Provider Awards

Submitted by pmattera on Mon, 05/11/2020 - 14:21
Covid Stimulus Watch has just grown tenfold with the addition of 5,000 entries involving healthcare providers. The new entries are an enhanced version of a recipient list posted late last week by the Department of Health and Human Services for the Provider Relief Fund created by the CARES Act.

Should Taxpayers Aid Corporate Bad Actors?

Submitted by pmattera on Thu, 05/07/2020 - 14:27

The uproar over the participation of larger companies in the Paycheck Protection Program is a sign that the country will increasingly confront a broader issue about the massive Covid-19 relief effort: does every company deserve assistance during a crisis that affects all parts of the economy?

Data Tip No. 2

Submitted by pmattera on Wed, 05/06/2020 - 13:39

Data tip No.2 from Covid Stimulus Watch: it turns out for-profit colleges are getting covid aid under the Higher Education Emergency Relief Fund. We've added entries for the likes of DeVry and the Univ. of Phoenix.

Data Tip No. 1

Submitted by pmattera on Tue, 05/05/2020 - 13:37

Data tip from Covid Stimulus Watch: we now have some entries for stimulus awards to for-profit healthcare providers. For example, over $1 billion to Community Health Systems Inc.

Covid Stimulus Watch: New Website Documents Accountability Track Records of CARES Act Recipients

Submitted by pmattera on Thu, 04/30/2020 - 13:29

Washington, April 30, 2020 — Amid continuing controversy over some of the companies receiving federal financial assistance under the Paycheck Protection Program, a new website launched today makes it easier to see the accountability track records of companies getting help through the PPP and the other programs authorized by the massive CARES Act.