by Mike ‘Mish’ Shedlock
Fresh out of the Obama playbook, the Trump Administration Says Pandemic Aid Saved 51 Million Jobs
U.S. President Donald Trump’s administration touted its $660 billion small business pandemic aid program this week as a “wild success,” unveiling data that showed the initiative saved 51 million jobs.
“I’m skeptical of the total number,” said Philip Mattera, a director at Washington-based non-profit Good Jobs First, which focuses on government accountability.
Mattera said one “telltale” sign that some borrowers may have fudged the figures was the 3,728 companies which reported that they retained exactly 500 employees.
As companies were not compelled to provide job retention estimates to apply for the loan, 878,000 companies either reported that no jobs were retained or did not provide a number, a Reuters analysis found. That’s roughly 18% of all loans.