In a letter to Congressman Richard Neal, the Treasury Department and SBA agreed to provide Congress additional data on the roughly 4.7 million loans made through the Paycheck Protection Program ("PPP").
The announcement followed pushback from congressional leaders over an agreement between the Small Business Administration ("SBA"), the U.S. Department of Treasury, and bipartisan leadership of the U.S. Senate Small Business Committee to make certain PPP loan data publicly available. Specifically, for PPP loans of $150,000 or more, the SBA will publicly disclose the business names, addresses, NAICS codes, zip codes, business types, demographic data, non-profit information, jobs supported and loan amount ranges. For PPP loans of less than $150,000, which account for roughly 85 percent of the total number of loans made to date, only certain aggregated data will be made publicly available.
The Administration said the limited nature of these disclosures is intended to protect the proprietary information of small businesses that took out PPP loans. In the letter, the administration agreed to provide the relevant data to Congressional staff "in a secure format, with the expectation of providing Committees full access by the end of the week" and "with the understanding that nonpublic, personally identifiable and commercially sensitive business information will be treated as confidential."
A diverse group of commercial and financial trade associations urged the Federal Reserve Board to provide guidance on the recently implemented Paycheck Protection Program and other lending facilities established under the Coronavirus Aid, Relief and Economic Security Act.
The OCC, Federal Reserve Board and FDIC adopted an interim final rule that will neutralize the regulatory capital effects of participating in the Paycheck Protection Program Lending Facility for financial institutions.
The FDIC highlighted relief now available for small businesses under the Coronavirus Aid, Relief and Economic Security Act.