SBA Will Disclose Information of Most PPP Loan Recipients
Dear WANADA Members,
Late on Friday evening, the Small Business Administration announced that it would release the names of Paycheck Protection Program loan recipients who were awarded at least $150,000 in funds. The SBA did not announce a timeline for disclosure, but said it "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
Participants who received $150,000 or less in loans will not have their business names released, but certain non-identifying demographic data will be released. According to the SBA, 75 percent of PPP loans were for more than $150,000.
SBA Administrator Jovita Carranza and Treasury Secretary Steven Mnuchin have been negotiating with congressional leaders from both parties, who were demanding more disclosure of PPP recipients. This proactive effort from the SBA will likely serve as a compromise agreement that reduces the likelihood of Congress passing a law that could potentially involve even larger disclosure requirements, including the specific amount of money each participant received.
Through the life of the program, the SBA has been publishing broad reports of PPP fund disbursement; you can view the latest version here. As of June 12, more than 4.5 million PPP loans have been approved through SBA 7(a) lenders, totaling more than $512 billion.
Please let me or Joe Koch (jk@wanada.org) know if you have any questions. We will be sure to keep you updated on the SBA's disclosure efforts when we get more information.
Sincerely,
John O'Donnell
WANADA President and CEO
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