Key Focus

  • Only 2% of businesses expected less than half their loan expenses to be forgiven, but Wade said this was more a reflection of companies having trouble meeting the criteria than them having applied for a loan with no intention of using it for payroll.
    The lack of data will make accountability challenging
    The incorrect or missing data regarding the number of workers these businesses kept employed throughout the pandemic exposes problems in the design of the PPP program, researchers say.
    "The government was offering free money, and businesses were lining up around the corner to take it," said Aaron Klein, a fellow and policy director of the Center on Regulation and Markets at the Brookings Institution, a Washington, D.C.-based think tank.
    Part of the problem, Klein said, is that the government relied on banks to administer the program, decentralizing the process
  • Over 500,000 businesses got PPP loans but are listed as retaining zero jobs, Treasury Department data show
    Published: July 8, 2020 at 5:04 p.m
  • Yet, wrinkles in the data point to issues the federal government will face when keeping businesses accountable once it comes time to verify whether the loans they received will be forgiven.
    A MarketWatch analysis of the government data found that just over 554,000 small businesses who got PPP funds reported retaining zero jobs
  • By Jacob Passy
    Missing jobs data on Paycheck Protection Program loan recipients will make accountability a challenge, experts say.
    There are gaps in the data the government collected about how many employees small businesses retained after receiving PPP loans.
    The Paycheck Protection Program was designed to help small business weather the coronavirus pandemic while keeping their workers employed.
    But government data suggests that hundreds of thousands of businesses across the country got access to funds without indicating how many jobs would be saved.
    On Monday, the Trump Administration released data on the small businesses nationwide that received loans through the $669-billion Paycheck Protection Program


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High Level Topics

  • BUSINESSES
  • LOAN
  • PPP
  • JOBS
  • High Level Abstractions

  • BUSINESSES(4, 0 Order)
  • ( BUSINESSES )(4, 0 Order)  top
  • LOAN(3, 0 Order)
  • ( LOAN )(3, 0 Order)  top
  • PPP(6, 0 Order)
  • ( PPP )(6, 0 Order)  top
  • ( PPP, BUSINESSES )(4, 1st Order)  top
  • ( PPP, LOAN )(3, 1st Order)  top
  • ( PPP, JOBS )(3, 1st Order)  top
  • ( PPP, PAYCHECK_PROTECTION_PROGRAM )(1, 1st Order)  top
  • ( PPP, WORKERS )(2, 1st Order)  top
  • ( PPP, POLICY )(2, 1st Order)  top
  • ( PPP, EMPLOYEES )(2, 1st Order)  top
  • ( PPP, WRINKLES )(1, 1st Order)  top
  • ( PPP, WEATHER )(1, 1st Order)  top
  • ( PPP, WASHINGTON )(1, 1st Order)  top
  • ( PPP, TRUMP_ADMINISTRATION )(1, 1st Order)  top
  • ( PPP, TREASURY_DEPARTMENT )(1, 1st Order)  top
  • JOBS(3, 0 Order)
  • ( JOBS )(3, 0 Order)  top
  • References

    • ( BUSINESSES )  top
    • (Read more)   top Over 500,000 businesses got PPP loans but are listed as retaining zero jobs, Treasury Department data show Published: July 8, 2020 at 5:04 p.m
    • (Read more)   top... jobs data on Paycheck Protection Program loan recipients will make accountability a challenge, experts say. There are gaps in the data the government collected about how many employees small businesses retained after receiving PPP loans. The Paycheck Protection Program was designed to help small business weather the coronavirus pandemic while keeping their workers employed. But government...
    • (Read more)   top ... payroll. The Small Business Administration has said the program has helped support about 51 million jobs. Yet, wrinkles in the data point to issues the federal government will face when keeping businesses accountable once it comes time to verify whether the loans they received will be forgiven. A MarketWatch analysis of the government data found that just over 554,000 small businesses who got...
    • (Read more)   top ... forgiveness. "The vast majority of PPP loan borrowers applied for the loan specifically for the forgiveness element of it," said Holly Wade, NFIB's director of research and policy analysis. Only 2% of businesses expected less than half their loan expenses to be forgiven, but Wade said this was more a reflection of companies having trouble meeting the criteria than them having applied for a loan with no intention...
    • ( LOAN )  top
    • (Read more)   topET By Jacob Passy Missing jobs data on Paycheck Protection Program loan recipients will make accountability a challenge, experts say. There are gaps in the data the government collected about how many employees small businesses retained after receiving PPP loans. The...
    • (Read more)   top ... to update this data." A survey conducted by National Federation of Independent Business, the largest trade group in the U.S. that represents small businesses, found that most PPP loan recipients planned to put the money toward approved uses. such as payroll costs. that would entitle them to forgiveness. "The vast majority of PPP loan borrowers applied for the loan specifically...
    • (Read more)   top Only 2% of businesses expected less than half their loan expenses to be forgiven, but Wade said this was more a reflection of companies having trouble meeting the criteria than them having applied for a loan with no intention of using it for payroll. The...
    • ( PPP )  top
    • ( PPP, BUSINESSES )  top
    • (Read more)   top Over 500,000 businesses got PPP loans but are listed as retaining zero jobs, Treasury Department data show
      Published: July 8, 2020 at 5:04 p.m
    • (Read more)   top
      There are gaps in the data the government collected about how many employees small businesses retained after receiving PPP loans.
      The Paycheck Protection Program was designed to help small business weather the coronavirus pandemic while keeping their workers employed.
      But government...
    • (Read more)   top Yet, wrinkles in the data point to issues the federal government will face when keeping businesses accountable once it comes time to verify whether the loans they received will be forgiven.
      A MarketWatch analysis of the government data found that just over 554,000 small businesses who got PPP...
    • (Read more)   top Only 2% of businesses expected less than half their loan expenses to be forgiven, but Wade said this was more a reflection of companies having trouble meeting the criteria than them having applied for a loan with no intention...
    • ( PPP, LOAN )  top
    • (Read more)   topET
      By Jacob Passy
      Missing jobs data on Paycheck Protection Program loan recipients will make accountability a challenge, experts say.
      There are gaps in the data the government collected about how many employees small businesses retained after receiving PPP loans.
      The...
    • (Read more)   top
      A survey conducted by National Federation of Independent Business, the largest trade group in the U.S. that represents small businesses, found that most PPP loan recipients planned to put the money toward approved uses. such as payroll costs. that would entitle them to forgiveness.
      "The vast majority of PPP loan borrowers applied for the loan specifically...
    • (Read more)   top Only 2% of businesses expected less than half their loan expenses to be forgiven, but Wade said this was more a reflection of companies having trouble meeting the criteria than them having applied for a loan with no intention of using it for payroll.
      The...
    • ( PPP, JOBS )  top
    • (Read more)   top Over 500,000 businesses got PPP loans but are listed as retaining zero jobs, Treasury Department data show
      Published: July 8, 2020 at 5:04 p.m.
    • (Read more)   topET
      By Jacob Passy
      Missing jobs data on Paycheck Protection Program loan recipients will make accountability a challenge, experts say.
      There are gaps in the data the government collected about how many employees small businesses...
    • (Read more)   top
      A MarketWatch analysis of the government data found that just over 554,000 small businesses who got PPP funds reported retaining zero jobs. Nearly 50,000 of these business had received loans larger than $150,000, and more than 300 have received loans between $5 million and $10 million.
      Thousands more companies did not report how many...
    • ( PPP, PAYCHECK_PROTECTION_PROGRAM )  top
    • (Read more)   topET
      By Jacob Passy
      Missing jobs data on Paycheck Protection Program loan recipients will make accountability a challenge, experts say.
      There are gaps in the data the government collected about how many employees small businesses retained after receiving PPP loans.
      The...
    • ( PPP, WORKERS )  top
    • (Read more)   top
      The Paycheck Protection Program was designed to help small business weather the coronavirus pandemic while keeping their workers employed.
      But government data suggests that hundreds of thousands of businesses across the country got access to funds without indicating how many jobs would be saved.
      On Monday, the Trump Administration...
    • (Read more)   top
      The incorrect or missing data regarding the number of workers these businesses kept employed throughout the pandemic exposes problems in the design of the PPP program, researchers say.
      "The government was offering free money, and businesses were lining...
    • ( PPP, POLICY )  top
    • (Read more)   top
      "The vast majority of PPP loan borrowers applied for the loan specifically for the forgiveness element of it," said Holly Wade, NFIB's director of research and policy analysis.
    • (Read more)   top
      "The government was offering free money, and businesses were lining up around the corner to take it," said Aaron Klein, a fellow and policy director of the Center on Regulation and Markets at the Brookings Institution, a Washington, D.C.-based think tank.
      Part of the problem, Klein said, is that the government relied on banks...
    • ( PPP, EMPLOYEES )  top
    • (Read more)   top
      There are gaps in the data the government collected about how many employees small businesses retained after receiving PPP loans.
      The Paycheck Protection Program was designed to help small business weather the coronavirus pandemic while keeping their workers employed.
      But...
    • (Read more)   topMeridian Behavioral Healthcare, a mental health care provider in Gainesville, Fla., received a loan between $5 million and $10 million through the program, and according to the government data, it retained no employees. The company told MarketWatch that in fact it has retained all of its employees and used PPP funds to do so.
      Only 2% of small businesses who received PPP loans expected less than half their loan...
    • ( PPP, WRINKLES )  top
    • (Read more)   top Yet, wrinkles in the data point to issues the federal government will face when keeping businesses accountable once it comes time to verify whether the loans they received will be forgiven.
      A MarketWatch analysis...
    • ( PPP, WEATHER )  top
    • (Read more)   top
      The Paycheck Protection Program was designed to help small business weather the coronavirus pandemic while keeping their workers employed.
      But government data suggests that hundreds of thousands of businesses across the country got access to funds without indicating how...
    • ( PPP, WASHINGTON )  top
    • (Read more)   top ... offering free money, and businesses were lining up around the corner to take it," said Aaron Klein, a fellow and policy director of the Center on Regulation and Markets at the Brookings Institution, a Washington, D.C.-based think tank.
      Part of the problem, Klein said, is that the government relied on banks to administer the program, decentralizing the process
    • ( PPP, TRUMP_ADMINISTRATION )  top
    • (Read more)   top
      On Monday, the Trump Administration released data on the small businesses nationwide that received loans through the $669-billion Paycheck Protection Program
    • ( PPP, TREASURY_DEPARTMENT )  top
    • (Read more)   top Over 500,000 businesses got PPP loans but are listed as retaining zero jobs, Treasury Department data show
      Published: July 8, 2020 at 5:04 p.m.
    • ( JOBS )  top
    • (Read more)   top Over 500,000 businesses got PPP loans but are listed as retaining zero jobs, Treasury Department data show Published: July 8, 2020 at 5:04 p.m. ET By Jacob Passy Missing jobs data on Paycheck Protection Program loan recipients will make accountability a challenge,...
    • (Read more)   top ... partially or fully forgivable depending on how much of the proceeds were used to keep employees on payroll. The Small Business Administration has said the program has helped support about 51 million jobs. Yet, wrinkles in the data point to issues the federal government will face when keeping businesses accountable once it comes time to verify whether the loans they received will be forgiven. A...
    • (Read more)   top Nearly 50,000 of these business had received loans larger than $150,000, and more than 300 have received loans between $5 million and $10 million. Thousands more companies did not report how many jobs their loans saved. "Government data is horrific," said Veronique de Rugy, a senior research fellow at the Mercatus Center at George Mason University, a nonprofit think tank