Recipients of loans under $150,000 will be exempt
The Small Business Administration and the Department of the Treasury have agreed with leaders of the U.S. Senate Small Business Committee to make public additional data regarding the Paycheck Protection Program.
The agreement does not include disclosing the recipients of the smallest loans. No release date for the information was released.
Pressure had been growing to disclose more information. The program has been controversial from the outset, with many businesses, including minority-owned enterprises, claiming they could not obtain the loans that can be fully forgiven if staffers were kept on the payroll.
The PPP applications were handled by lenders, many of which limited applications to existing customers. Later, smaller community banks were allocated funds for PPP loans.
In other cases, publicly traded companies were able to obtain the funding.
After disclosures in shareholder documents, some companies returned the money. Rules were tightened during the second loan offering period.
“I am pleased that we have been able to reach a bipartisan agreement on disclosure which will strike the appropriate balance of providing public transparency while protecting the payroll and personal income information of small businesses, sole proprietors, and independent contractors,” said Treasury Secretary Steven T. Mnuchin.
“We value transparency and our fiduciary responsibility to ensure American taxpayer funds are used appropriately. This responsibility goes together with the steps we are now taking to provide needed public information while protecting entrepreneurs’ personally identifiable information, such as a home address associated with their business loan,” said Administrator Jovita Carranza. “Small businesses are the driving force of our economic stability and are leading the way to allow our nation to rebound safely.”
SBA will disclose the business names, addresses, NAICS codes, zip codes, business type, demographic data, non-profit information, jobs supported, and loan amount ranges as follows:
- $350,000-1 million
- $1-2 million
- $2-5 million
- $5-10 million
These categories account for nearly 75 percent of the loan dollars approved. For loans below $150,000, totals will be released, aggregated by zip code, by industry, by business type, and by various demographic categories.
Click here for PPP data disclosed to date, which listed top lenders and total dollar amounts for each state. Delaware received about $1.4 billion in funds.