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From our analysis, we found the following most relevant: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 processOver 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.mYet, 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 jobsBy 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