Last week, a federal judge decisioned that the previously withheld borrower information is not confidential and ordered the SBA to release the names, addresses and precise loan amounts for all Paycheck Protection Program and COVID-19-related Economic Injury Disaster Loan (EIDL) recipients by November 19, 2020.
The judge found the SBA’s claimed exemptions from the Freedom of Information Act (FOIA) do not cover the PPP data sought and ordered the information to be disclosed to a coalition of news organizations. The Court further elaborated on its decision stating that transparency “enables meaningful evaluation of whether the PPP and EIDL programs are being operated consistent with applicable legal constraints; whether funds have been distributed fairly, equitably, and devoid of fraud; and whether the programs are achieving their purpose.”
At this time, it remains unclear whether the SBA will appeal this court ruling. Absent an order of stay, the information will be released by the SBA. Please be assured, that all information as submitted to the Bank remains in confidence and all privacy laws remain in place.
If you have any questions regarding this matter, please do not hesitate to reach out to me at 844-882-6436, 724-991-9047, or email@example.com.