The Golden Horseshoe is a weekly designation from Just The News intended to highlight egregious examples of wasteful taxpayer spending by the government. The award is named for the horseshoe-shaped toilet seats for military airplanes that cost the Pentagon a whopping $640 each back in the 1980s.
This week’s Golden Horseshoe is awarded to the Small Business Administration, which awarded $93 million in questionable contracts to small businesses owned by socially and economically disadvantaged individuals under the agency’s 8 (a) Business Development Program, according to a recent audit by the SBA Office of Inspector General.
The Small Business Administration hid communications with Planned Parenthood regarding COVID-19 loans that Republicans say were illegal, emails obtained by the Daily Caller News Foundation show.
The SBA released heavily redacted emails between the agency, lenders and Planned Parenthood affiliates in response to a Freedom of Information Act request the DCNF filed in May 2020. GOP lawmakers had previously demanded an investigation into $80 million in Paycheck Protection Program (PPP) loans, saying they were obtained illegally.
Republican Arkansas Sen. Tom Cotton is leading lawmakers in calling on the Small Business Administration (SBA) to investigate alleged illegal loans distributed to Planned Parenthood affiliates, according to a letter exclusively obtained by the Daily Caller News Foundation.
“Planned Parenthood affiliates are well aware that they are ineligible to receive PPP loans, on the basis of SBA’s letters and the frank admission of their political action committee” the senators wrote in a Thursday letter to SBA Administrator Jovita Carranza. “Their attempts to apply for PPP loans are naked attempts to defraud the United States government.”
The U.S. Small Business Administration (SBA) and the U.S. Treasury Department this week released the names of 4.9 million Paycheck Protection Program (PPP) loan recipient businesses and nonprofits that received $150,000 or more.
The mostly forgivable PPP loans were funded through the federal Coronavirus Aid, Relief and Economic Security (CARES) Act.
Republican Florida Sen. Marco Rubio called Friday for the Small Business Administration to investigate how 37 Planned Parenthood affiliates received $80 million in coronavirus stimulus loans.
In a letter to SBA Administrator Jovita Carranza, Rubio told Carranza that “the application for and receipt of loans through the program suggests unlawful conduct,” noting that “the application for a loan through the program would have required a Planned Parenthood affiliate to list the national organization as an affiliate organization.”
The Small Business Administration and the U.S. Treasury revealed Sunday that the second round of the Paycheck Protection Program has issued 2.2 million loans, totaling $175 billion.
PPP loans are forgivable loans for small businesses to offset some of the losses experienced by the response to the COVID-19 pandemic. The loans are meant to provide a direct incentive for small businesses to keep their workers on the payroll.
The National Federation of Independent Business (NFIB) Research Center released a survey Tuesday that said 80 percent of small business owners are still waiting to receive a loan from the Paycheck Protection Program (PPP).
“Small businesses were prepared and ready to apply for these programs, the only financial support options for most, and it is very frustrating that the majority of these true small businesses haven’t received their loan yet,” Holly Wade, NFIB Director of Research & Policy Analysis, said. “Small businesses make up nearly half of the economy and it’s crucial that their doors stay open.”