PPP Funds Reach Burbank, Federal Data Questioned

According to the U.S. Small Business Administration, roughly 3,370 Burbank businesses received potentially forgivable federal loans during a pandemic that sank the economy into a recession — though the source of that information is being called into question.
Those businesses, including sole proprietorships and self-employed individuals, received approval for Paycheck Protection Program loans from lenders. Altogether, the Burbank businesses that were approved for loans said the money would allow them to save more than 34,000 jobs
However, there have been reports of businesses and officials across the nation saying that the data from the SBA, released July 6, contains many errors, including inflated loan amounts.
As a result, the reliability of some of the SBA’s data set — released after congressional calls for the $699-billion program to publish it — has been thrown into doubt.
“I think there is a real issue with transparency,” Congressman Adam Schiff, whose district includes Burbank, said in a phone interview. “There were a lot of bad numbers coming out of that disclosure.”
SBA spokeswoman Shannon Giles said in an email that the department reported only approved — not disbursed — PPP loans: “Lenders report their PPP disbursements monthly, so there is a data lag between approval and disbursal reports.”
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