WASHINGTON: Bank of America, the second-largest US lender, has asked the Trump administration to correct data meant to offer public accountability on the recipients of US$520 billion in pandemic aid, and a group of U.S. Democratic lawmakers has written to demand action before more funds are allocated.
Reuters and other news outlets have reported numerous red flags throughout the massive data set that suggest the number of jobs salvaged by PPP aid has been overstated. "Data covering the number of jobs retained per loan and the borrower’s congressional district has proved to be largely erroneous, casting shadows on the veracity, quality, and reliability of other loan data," they wrote.
The 51 million jobs figure touted by the administration is much larger than the estimates of some independent observers.