6/15/2020, 7:01 PM (Source: TeleTrader)
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House Dems seek PPP information from big banks

Democratic members of the United States House of Representatives sought information from some of the country's largest banks on their dealings with funds from the Small Business Administration's Paycheck Protection Program (PPP), aimed to help small companies impacted by the coronavirus pandemic.

In a letter addressed to the chief executives of JP Morgan Chase & Co., Bank of America Corporation, Santander Bank N. A., Wells Fargo & Company, US Bancorp, Truist Financial Corporation, Citibank and PNC Bank on Monday, House Majority Whip James Clyburn revealed that the subcommittee on the coronavirus crisis is investigating if the funds had actually been approved to the small firms they were intended for, and not "large, well-funded companies" instead.

Also, Congress Democrats sought Treasury Secretary Steven Mnuchin's and Small Business Administration's Administrator Jovita Carranza's correspondence with the financial institutions and trade groups.

Breaking the News / MS