'I just want to know who made the bad loans' Cramer blasts small business loan programApril 29, 2020
CNBC's Jim Cramer on Tuesday criticized banks for approving small business loans to larger companies that were not meant to benefit from the federal Paycheck Protection Program.
"I just want to know who made the bad loans. Somebody did," Cramer said on "Squawk on the Street," suggesting the names of the banks who facilitated the loans should be made public.
The PPP, approved by Congress last month as part of the $2.2 trillion coronavirus rescue package, was intended to help small businesses pay workers during the pandemic. But it ran out of its initial $349 billion funding allotment in less than two weeks, and public companies like Shake Shack and AutoNation and private entities such as the NBA's Los Angeles Lakers were found to have received loans through the program.