Home Muslim economic SBA and Treasury publish names of PPP loan recipients

SBA and Treasury publish names of PPP loan recipients


After months of withholding information on exactly which companies received exactly how much from the Congressional Paycheck Protection Program (PPP) – and considerable dismay after several public companies were exposed for accepting large sums of money before finally returning them – the Small Business Administration (SBA) and the US Department of the Treasury today released detailed information out of nearly five million PPP beneficiaries.

The total sum of loans stands at over $ 521 billion, and in a statement, Treasury Secretary Steve Mnuchin said, “The PPP brings much needed relief to millions of small American businesses, supporting more than 51 million jobs and over 80 percent. of all the employees of small businesses, which are the engines of our country’s economic growth. “

He then added, “We are especially pleased that 27% of the program reach in low and moderate income communities, which is proportional to the percentage of the population in those areas. The average loan size is around $ 100,000, which shows that the program works for the smallest of businesses. “

Related: SBA issues new EZ PPP loan forgiveness request

Despite the sudden rush for transparency, there is bound to be scrutiny. Some family restaurant owners, for example, might wonder why between $ 2 million and $ 5 million – the information was released both by state and by assorted loan amount thresholds, ultimately ranging from less than $ 150,000 to $ 10 million – has been allocated. at the Diocese of Alabama in Birmingham.

And a quick review of the available documents (as unfriendly as the uploading and scanning process might be) indicates that a very small minority of owners voluntarily answered questions about their race, ethnicity or gender, and that ‘A minority of all respondents identified their businesses as black or female owned.

The language of the SBA regarding disclosures is also a bit convoluted, assuring at one point that “This disclosure covers each of the 4.9 million PPP loans that have been made”, but later adding that its various loan amounts. ” represent nearly $ 75 of approved loan.

Additionally, the single document that is supposed to contain information on all 50 states in alphabetical order currently ends after California.

Related: Which SOEs have repaid their PPP SBA loans? (Update)

The entrepreneur emailed the SBA earlier this month when the upcoming disclosure was first announced, asking if any loans exceeded $ 10 million – and if so, if their information would never be made public – but had no response. We have since followed up to further clarify whether the aforementioned 50-state document will be annexed. We’ll keep you posted when we have more to share.

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