Most Employers/Borrowers of PPP Loans to Be Disclosed

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The Small Business Administration (SBA) and Treasury issued a press release on June 19, 2020 in which they announced that they had come to an agreement with bipartisan leadership in the Senate Small Business Committee to publicly divulge additional detailed information regarding those employers/borrowers that have received funds under the Paycheck Protection Program (PPP) initiated by the Coronavirus Aid, Relief and Economic Security (CARES) Act. The additional disclosure is the result of repeated attempts by members of that committee to enhance the transparency of the program and ensure that taxpayer funds are used appropriately.

Under the agreement, the 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

The release noted that these categories account for nearly 75% 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.

In addition, the SBA continues to post its weekly PPP report (the latest through June 12, 2020) on its website, as well as Treasury’s website.

Should you have any questions related to PPP loans, please contact Bob Grossman or Don Johnston at 412-338-9300.

Related posts:

Simpler PPP Forgiveness Application and Updated Program Guidance Released by the SBA

More PPP Changes and Enhancements on the Way

PPP Flexibility Act Signed Into Law

SBA Offers Additional PPP Loan Forgiveness Information

Paycheck Protection Program Loan Forgiveness Application Released

Paycheck Protection Program Loans – Round 2

FAQs Issued to Further Clarify Guidance on PPP Loans

Paycheck Protection Program Loans (PPP) Available Under the CARES Act