Returned funds should be prioritized for actual small businesses with fewer than 100 employees.
Returned PPP funds should be prioritized for actual small businesses with fewer than 100 employees.
Occurrences
Evidence
Tenney’s plan said: “Returned funds should be prioritized for actual small businesses with fewer than 100 employees.”
The PPP page says the program “prioritizes millions of Americans employed by small businesses” and that eligible borrowers are small businesses and eligible nonprofit, veterans, tribal, self-employed, and independent contractor applicants who meet program size standards.
SBA’s interim final rule implements the PPP under the CARES Act; the program was created as part of SBA’s 7(a) loan program and applied to eligible small businesses under SBA’s rules, which generally used the agency’s small-business size standards rather than a 100-employee threshold.
Tenney said all applicants for PPP loans must abide by affiliation rules and size standards, and she pressed SBA over loans she said were given to ineligible applicants.
Assessments
Tenney clearly promised that returned PPP funds would be prioritized for small businesses with fewer than 100 employees. The available governing Treasury and SBA materials show PPP eligibility continued to rely on SBA size standards and other statutory eligibility categories, not a specific under-100-employee priority for returned funds. Her later pressure on SBA over PPP eligibility and misuse shows a serious related attempt, but the specific promised policy outcome was not adopted.