ADAD“The notion that the administration is hiding something is categorically false,” Brian Morgenstern, a Treasury Department spokesman, said in an email. The loans are processed by private banks and regulated by the Small Business Administration and the Treasury Department. Reality television star Maurice “Mo” Fayne was arrested and charged with bank fraud for spending more than $1.5 million in SBA loan money on jewelry, expensive cars and child support. Many of those businesses subsequently returned the money, although the SBA has declined to say exactly how many did so. said Congress needs to have access to the loan data to carry out effective oversight.

Source: Washington Post June 11, 2020 14:58 UTC