PPP loan recipients can apply for extra help under a new bill. Hillary Vaughn of FOX Business with more.
The Small Business Administration is expected to release a data set that shows which companies received the taxpayer-funded Check Protection Program loans Thursday, an administration source said.
OWNERSHIP OF SMALL BUSINESSES WITH A CRIMINAL PAST CAN NOW APPLY FOR A PPP LOAN, SBA SAYS
The disclosures, which could come just before the three-day July 4 weekend, will include the names of recipients who received loans in excess of $ 150,000, as well as addresses, NAICS codes, zip codes, type of business , demographic data, non-profit information and number of jobs admitted.
The agency will not disclose accurate dollar amounts of the loans and will instead provide a range for each loan. The ranges are:
- $ 150,000 to $ 350,000
- $ 350,000 to $ 1 million
- $ 1 million to $ 2 million
- $ 2 million to $ 5 million
- $ 5 million to $ 10 million
Borrowers who receive a loan of less than $ 150,000 will not have their names disclosed.
AT LEAST 4 CONGRESS MEMBERS PERSONALLY BENEFITED FROM PPP LOANS
Nearly 75 percent of the loans distributed through the $ 610 billion program are worth more than $ 150,000, the agency said. As of Friday, more than 4.7 million loans worth $ 517.9 billion had been distributed through the program. That leaves approximately $ 130 billion left in the fund.
The decision to disclose to the loan recipients comes after weeks of negotiations, in which both Democrats and Republicans pushed for additional oversight.
“We are striking the proper balance of providing public transparency, while protecting the payroll and personal income information of small businesses, sole proprietorships and independent contractors,” Treasury Secretary Steven Mnuchin said Friday when the SBA announced it would reveal the names of some borrowers
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June 30 is the last chance for small business owners to take advantage of PPP, a bailout fund established by Congress with the passage of the $ 2.2 trillion CARES Act in late March. Employers with fewer than 500 workers can receive loans of up to $ 10 million; If at least 60 percent of the money goes to keep payroll, the federal government will forgive the loan in its entirety, essentially turning the money into a grant.
Initially, the program was widely criticized for giving aid to publicly traded companies that had other avenues of aid, even when small businesses languished. But the SBA and the Treasury Department, which jointly manage the program, were quick to close loopholes that allowed billionaire companies to take advantage of the fund, including a commitment to audit any loan worth more than $ 2 million.
At least 439 public companies received forgivable loans totaling more than $ 1.39 billion through the program, according to Washington, DC-based data analysis firm FactSquared. Of those companies, 69 returned the money, or approximately $ 436 million.
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FOX Business’s Edward Lawrence contributed to this report.
