All, SBA and Treasury have announced that they will announce the identify of each borrower who received a PPP loan in excess of $150k, and the following information for each such borrower:
· business name,
· address (including ZIP code),
· NAICS code,
· business type,
· demographic data,
· “non-profit information,” (presumably we will get an IFR or something that explains this in more detail) and
· jobs supported.
They will not disclose the exact loan amount that a borrower received, but will instead indicate the size range of the loan, which correspond to the ranges used in SBA’s weekly PPP reporting package:
• $150,000-350,000
• $350,000-1 million
• $1-2 million
• $2-5 million
• $5-10 million
They will also release aggregated data on loans below $150k, but not individual borrower names, as indicated in the press release below.
This does NOT mean that specific loan amounts and/or the identies of individual borrowers of under $150k will be kept confidential in the face of FOIA requests for such information.
As you may have heard, SBA and Treasury also released updated forgiveness forms and instrutioins, including a new PPP-EZ application form (and instructions) for borrowers who have not reduced their FTE counts or their salary and hourly wage amounts for covered employees. We’ve been holding off emailiing on that, because we expected an updated IFR to come out shortly, perhaps in some sort of an after-dark Friday-night special. Instead, we got this while the sun is still shining, which our intrepid policy partner Mary-Burke points out is probably because SBA forgot to factor in in the summer solstice.
In any event, stay tuned for an email update on those new applications, as well as any further info that comes out on this announcement. Thank you.
Press Releases
SBA and Treasury Announce Enhanced Transparency Regarding the Paycheck Protection Program
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June 19, 2020
Washington—The U.S. Small Business Administration (SBA) and the U.S. Department of the Treasury have agreed with the bipartisan leaders of the U.S. Senate Small Business Committee to make public additional data regarding the Paycheck Protection Program (PPP). This agreement will ensure that the interests of both transparency and protections for small businesses are served.
“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 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:
· $150,000-350,000
· $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.
View PPP data disclosed to date, including total dollars approved, loan sizes, lender sizes and types, loans approved by state, top lenders, loans by industry sector, and funds remaining. https://home.treasury.gov/system/files/136/SBA-Paycheck-Protection-Program-Loan-Report-Round2.pdf
COVID-19 Stimulus and Recovery 