The Government Accountability Office, a non-partisan watchdog, just released a bombshell report on the Paycheck Protection Program (link here for oversight nerds like me). There’s a lot to unpack, but I want to share a few takeaways I’m thinking about:

https://www.gao.gov/reports/GAO-20-625/

PPP is a 650,000,000,000 taxpayer funded program that gives grants to companies who keep their workers on payroll during #COVID19. It needs to work. The money has to go to the people who need it. But @SBAgov has essentially no plans to review 99% of PPP loans. (2/4)

According to the report, small businesses that didn’t need the money returned at least 3,800 loans. How are you going to know if the other 4,576,388 loans are legitimate? Any answers, @stevenmnuchin1 or @SBAJovita? (3/4)

I’m not holding my breath. The report says @SBAgov waited six weeks to answer questions from watchdogs about the PPP. The day before the deadline to respond, they sent information already available on Google. That’s what @SBAJovita thinks is "accountability" to taxpayers. (4/4)