SBA and Treasury announce the names of the PPP loan recipients
After months of withholding information about which companies received exactly how much from the Congressional Paycheck Protection Program (PPP) – and considerable dismay after several public companies were outed for accepting sizeable sums of money before you ultimately give them back – Small Business Administration (SBA) and US Treasury Department detailed information released today to almost five million PPP scholars.
The total amount of loans totaled over $ 521 billion, and Treasury Secretary Steve Mnuchin said in a statement: “The PPP is providing much-needed relief to millions of American small businesses, supporting more than 51 million jobs and over 80 percent of all small business workers. who are the drivers of economic growth in our country. “
Then he added, “We are particularly pleased that 27 percent of the programme’s reach is in low- and middle-income communities, relative to the percentage of the population in those areas. The average loan size is around $ 100,000, which shows that the program caters to the smallest businesses. “
Despite the sudden rush for transparency, there will be an intense scrutiny. For example, some mom and pop restaurant owners may wonder why between $ 2-5 million – the information was released according to both state and various loan amount thresholds, ultimately from less than $ 150,000 up to $ 10 million US Dollars Reached – Allocated to the Diocese of Alabama, Birmingham.
And a cursory search of the available documents (as user-friendly as the process of downloading and analyzing it may be) indicates that a very small minority of owners willingly answer questions about their race, ethnicity, or gender, and that a minority of the total respondents identified their businesses as owned by blacks or women.
The language of the SBA regarding the disclosures is also somewhat confused, affirming at one point: “This disclosure covers each of the 4.9 million PPP loans that have been made,” but later added that the various loan amounts “are close to 75 Percent of loan dollars approved. ”
Additionally, the only document that claims to have information about all 50 states in alphabetical order currently ends in California.
The entrepreneur emailed the SBA earlier this month when the impending disclosure was first announced, asking for clarification on whether any loans exceeded $ 10 million – and, if so, if their information was ever made public would – but he didn’t hear any feedback. We have since followed up to clarify whether the above-mentioned 50-state document will be attached. We’ll update you when we have more to share.