September 24, 2020

LAWT News Service


Waters Announces Over $1 Billion in Paycheck Protection Program Loans Awarded to 10,750 CA-43 Businesses in Gardena, Harbor City, Hawthorne, Inglewood, Lawndale, Lomita, Los Angeles, Playa Vista, and Torrance Areas.

Congresswoman Maxine Waters (CA-43), Chairwoman of the House Financial Services Committee, released a district data sheet which summarizes Paycheck Protection Program (PPP) data provided by the Small Business Administration (SBA) regarding loans made to businesses in Gardena, Harbor City, Hawthorne, Inglewood, Lawndale, Lomita, Los Angeles, Playa Vista, and Torrance.

Over one billion dollars in PPP loans were awarded to 10,750 businesses within Congresswoman Waters’ congressional district.

“From the onset of the coronavirus crisis, I have fought to ensure that our communities receive the relief they need to get through this pandemic and as part of the CARES Act I worked to provide critically needed financial assistance to struggling small businesses,” said Congresswoman Maxine Waters.

“Following reports that the small businesses most in need could not access Paycheck Protection Program (PPP) lending while big banks were providing the loans to their large business clients, I pressed the Trump Administration to make sure minority-owned businesses and neighborhood small businesses had access to the program, and demanded transparency and accountability.

As part of my duty to conduct oversight of these funds, I have fought to ensure that we know where and to whom these taxpayer funded loans are going.

As more data becomes available following my requests to the SBA and Treasury Department, I will continue to keep a close eye on how the funds, intended to be a lifeline for struggling small businesses, are being dispersed.”

The fact sheet outlines loan approvals through August 8, 2020 and PPP loan distribution for California’s 43rd Congressional District by city, size, and industry.

On June 13, 2020, Chairs Maxine Waters, Richard Neal, and Nydia Velázquez, sent a letter to U.S. Department of Treasury Secretary Steve Mnuchin and U.S. Small Business Administrator Jovita Carranza requesting the names of all PPP loan recipients; for each recipient, the dollar amount of all loans received; and the names of all applicants for PPP loans that did not receive a loan.

On June 22, 2020 Chairs Maxine Waters, Richard Neal, and Nydia Velázquez issued a statement reiterating their demand for full transparency regarding the Paycheck Protection Program following an announcement by the Department of Treasury and the Small Business Administration stating they would disclose certain information regarding PPP loans and recipients.

Category: Business