Senator Ernst Campaigns on PPP Loans While Reports Show Fortune 500 Companies Receiving Millions While Iowa Businesses ‘Struggle’
As corporate conglomerates are reaping massive small business loans from the federal Paycheck Protection Program, the Trump Administration has now taken the “stunning move” to refuse to disclose the names of businesses who have received taxpayer-funded relief.
The Paycheck Protection Program – which Senator Joni Ernst has campaigned on throughout the pandemic – faces widespread scrutiny for doling out loans in excess of $10 million to Fortune 500 companies while leaving Main Street behind. Iowa small businesses are “struggling” through a “terrible” experience to receive a PPP loan – yet at least 94 publicly-traded companies, many with market values well above $100 million, received at least $365 million in loans.
As COVID-19’s economic consequences continue, this is just the GOP’s latest effort to prevent oversight of billions in pandemic relief to the corporations and industries pouring millions into GOP campaigns. Senator Ernst voted twice to jam through a $500 billion corporate slush fund with dismal oversight that would have allowed corporations who laid off workers to boost CEO bonuses and buyback stock.
“Senator Ernst must demand more transparency and answers as to why urgent pandemic relief is being prioritized for Fortune 500 companies as Iowa small businesses face financial ruin. Since arriving in Washington, Senator Ernst has sat on her hands as her party leaders dismantle oversight for corrupt corporate handouts – it’s long-past time for her to take a stand and fight for the Iowa businesses on the brink of closure in this pandemic,” said Jeremy Busch, Iowa Democratic Party spokesperson.