The Trump administration released data on paycheck protection program (PPP) loan recipients on Monday, which is of interest to lawmakers as they oversee the small business loan program.
The Small Business Administration (SBA), in consultation with the Treasury Department, has released data on PPP loans of at least $ 150,000 that include the names, addresses and types of businesses and non-profit organizations that received loans. For each of these loans, the SBA has given a range for the dollar amount of the loans.
The SBA also released data on loans under $ 150,000 which does not include the names and addresses of beneficiaries.
The Treasury and the SBA announced last month that they plan to make this information on the loans public, after the Secretary of the Treasury Steven mnuchinSteven Mnuchin Large Russian Hack Group Linked to Sinclair Ransomware Attack: The Hill’s Morning Report – Presented by Alibaba – Biden Engages in Frenzied Talks over Dem spending Former Treasury Secretaries Tried to Resolve Deadlock on debt limit in talks with McConnell, Yellen: MORE report previously suggested in a hearing that information about loan recipients would not be disclosed. Lawmakers have taken an interest in monitoring the program to ensure it is working as intended.
“Today’s release of loan data strikes the right balance between transparency for the American people, while protecting sensitive payroll and personal income information for small businesses, sole proprietors, and independent contractors,” he said. Mnuchin said in a press release.
Minority leaders in the Senate Charles SchumerChuck SchumerGOP looks into blocking Biden’s diplomatic choices Sununu says he will decide on Senate candidacy “in next week” Christie on 2020 election: “No matter where you are, it’s over” MORE (DN.Y.) said it was a “good start” but called for “more transparency”.
“While it’s a good start that the administration has finally started releasing information about small businesses that have received PPP loans, it’s a shame that it took so long and so much pressure from them. Democrats to make this happen, “Schumer said in a statement.
“Make no mistake about it: more transparency is still needed to ensure that taxpayer dollars go where Congress intended – to really small, underbanked small businesses. Democrats will continue to push for maximum transparency from the Trump administration, especially with respect to the CARES Act funds, ”he added.
Several House Democratic committee chairs have asked the Treasury and the SBA to release the names of all P3 recipients and the dollar amount of all loans. Mnuchin told the chairman of the House Ways and Means Committee Richard nealRichard Edmund Neal 0.3% investment – capable of making a difference in preventing elder abuse Democratic leaders step up pressure on agenda laggards Biden JCT releases score for Elderly Bill social expenses of the Chamber PLUS (D-Mass.) Last month, Congress would have access to all loan data, provided Congress maintains the confidentiality of non-public personal information.
The SBA said Monday that as of June 30, about 4.9 million loans have been approved, for a total of about $ 521 billion. The average loan amount is around $ 107,000. Loans over $ 150,000 represent almost 73% of the dollar amount of all loans, but only 13.5% of loans.
The PPP was created by coronavirus relief legislation passed by Congress in March and aims to help keep employers and workers afloat during the pandemic. Under the PPP, small businesses and nonprofits can receive repayable loans if the funds are used for payroll, mortgage interest, rent, and utilities and the recipient maintains levels of repayments. employees and compensation.
The PPP supports about 51.1 million jobs, which represents up to 84% of all employees in small businesses, the SBA said. The agency said 27% of funds go to low- and middle-income census tracts, which is proportional to the share of the population in those areas.
“The PPP is a clear success for small businesses, especially for communities where these employers are the main job creators,” said SBA administrator Jovita Carranza. “In three months, this administration was able to move quickly to get funds into the hands of those who faced enormous obstacles as a result of the pandemic.”
–Update at 1:23 p.m.