July 09, 2020

In an interview with Bloomberg, Jenner & Block Partner Neil M. Barofsky says that the PPP succeeded in some ways, by saving small businesses that otherwise would have closed in the economic downtown caused by COVID-19.  But from an oversight and transparency perspective, the program gets a D grade.  That’s because many companies that received the funds were large, wealthy firms and even nonprofits or other groups that tout themselves as anti-government and anti-handout.  “I think there’s an ethical component to this, and one that sort of reeks of hypocrisy,” he observes.