by Mike ‘Mish’ Shedlock
The Street
More seazy details have emerged in regards to why the Trump administration wants to hide small business loan details.
Yesterday I asked Why Does Trump Want to Hide Who Took Small Business Loans?
In addition to members of Congress wanting to hide loans they received, Wall Street on Parade has uncovered more sleazy details.
Even though the loans are guaranteed against losses by the SBA, the Federal Reserve launched its own program, called the Paycheck Protection Program Liquidity Facility, to reimburse lenders who make these loans. So far, the Fed has reimbursed $57 billion of these loans as of June 10, out of total loans approved by the SBA of more than $500 billion.