The Treasury secretary doesn’t seem to care about transparency, oversight and how many paychecks the Paycheck Protection Program protected.
By Timothy L. O’Brien | 14 July 2020
BLOOMBERG — When Team Trump took the reins in Washington three years ago, it promised to bring managerial prowess and private-sector know-how to a federal bureaucracy it repeatedly derided as inefficient and inept.
The massive federal bailout of workers, families, businesses, local government and other social institutions in the wake of the coronavirus pandemic has offered a monumental test of that proposition. And the rollout of the Paycheck Protection Program, a $669 billion effort that represents one of the biggest chunks of the $2.7 trillion bailout, keeps offering evidence that these guys are pretty inefficient and inept themselves.
Remember, the primary goal of the PPP program was to help entrepreneurs keep workers on their payrolls so they could ride out what policymakers hoped would be a relatively brief downturn. Protecting jobs to keep small businesses afloat was what it was all about. […]