The Small Business Administration ("SBA") and Treasury released data on the roughly 4.9 million loans made through the Paycheck Protection Program ("PPP").
As previously covered, the release of this loan-level data follows pushback from Congressional Democrats over an agreement between the SBA, Treasury and Senate Small Business Committee that would have limited the PPP loan data made publicly available. For PPP loans of $150,000 or more, the SBA and Treasury released borrower names, addresses, NAICS codes, zip codes, business types, demographic data, non-profit information, the names of lenders, 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, business names and addresses are being withheld from public release.
The data released includes overall statistics regarding dollars lent per state, loan amounts, top lenders, lender size and distribution by industry.
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.
The Trump Administration agreed to provide Congress additional data on the roughly 4.7 million loans made through the Paycheck Protection Program.