[Congressional Record Volume 166, Number 84 (Tuesday, May 5, 2020)]
[Senate]
[Page S2227]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                  Small Business Lending Transparency

  Madam President, finally, on small business lending transparency, 
over the past several months, Congress has provided historic levels of 
funding to help small businesses retain employees, meet payroll, and 
stay afloat during these turbulent times. Because of the depth of this 
crisis, we have dedicated trillions--not billions but trillions--to 
this effort. We must absolutely make sure these relief programs are 
implemented properly. With so much taxpayer money at stake, oversight, 
transparency, and accountability are musts.
  Issues with the small business lending programs cropped up almost as 
soon as the administration began implementing them. Truly, small 
businesses had a difficult time in securing loans while larger 
businesses that had standing relationships with big banks had a much 
easier time. Minority-owned businesses, women-owned businesses, and 
other unbanked businesses--the proverbial small restaurant owner, the 
butcher, the baker, the candlestick maker--have been left out to a 
large degree. We tried to rectify some of these problems, particularly 
in COVID 3.5, but more must be done.
  As Justice Brandeis said: ``Sunlight is the best disinfectant.'' 
Transparency around these programs is the order of the day. So, this 
afternoon, Senator Cardin and I will ask the Senate to pass legislation 
that demands new disclosure requirements for the Paycheck Protection 
Program and other disaster relief accounts. Our bill is very simple. It 
would require the daily and weekly reporting of the PPP, the Economic 
Injury Disaster Loan, and debt relief programs to be broken down, in 
each case, by geography, demographics, and industry. The data would 
need to be downloaded and would include the names of the entities and 
the loans or grant amounts. It would need to detail whether the 
programs are reaching underserved communities.
  This is hardly a controversial idea. There is nothing partisan about 
it. Our legislation would simply require the basic transparency we 
expect from any Federal program--certainly, one of this size and 
importance. It is my hope that my Republican colleagues will not block 
our request simply because it comes from this side of the aisle. I 
would hope, on a day when the Republican leader has scheduled literally 
no business on the floor of the Senate, that we could come together to 
pass this very simple bill to make sure we know how taxpayer dollars 
are being spent.
  I yield the floor.
  The PRESIDING OFFICER. The Senator from Illinois.