Names of most PPP loan borrowers will be made public
Cuban: Coronavirus PPP loan was ‘perfect in conception’
Dallas Mavericks owner Mark Cuban discusses reopening the economy amid coronavirus and the Paycheck Protection Program.
The Trump administration announced late Friday that it would publicize the names of large Paycheck Protection Program loan recipients.
Continue Reading Below
The Small Business Administration and the Treasury Department said they had “agreed with bipartisan” leaders in Congress to enhance the transparency of the program by releasing additional data about borrowers.
IRS PERMITS MORE AMERICANS TO TAP RETIREMENT ACCOUNTS WITHOUT PENALTY
That information will include business names, addresses, NAIC codes, business type, demographic data, nonprofit information, jobs supported and loan amount ranges for people who received more than $150,000.
The loan amount ranges will be divulged as follows:
• $150,000-350,000
• $350,000-1 million
• $1-2 million
• $2-5 million
• $5-10 million
These ranges account for about 75 percent of loan dollars approved.
WORKERS TAP RETIREMENT SAVINGS TO COPE WITH CORONAVIRUS PANDEMIC
“We value transparency and our fiduciary responsibility to ensure American taxpayer funds are used appropriately,” SBA Administrator Jovita Carranza said in a statement.
When it comes to loans below $150,000, only broad data will be released.
Sens. Marco Rubio, R-Fla., and Chuck Schumer, D-NY, lauded the move on Friday.
The program came under scrutiny after a number of larger companies received loans, which were intended to help out struggling small businesses. Many have since returned the funds.
According to the administration, as of June 12 more than 4.5 million loans had been approved.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Source: Read Full Article