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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.
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Commentary
The release of this loan-level data by the SBA and Treasury will inevitably drive public and congressional scrutiny of individual PPP loans in the coming days and weeks. The Wall Street Journal and other national publications have already begun examining the largest PPP borrowers, the amounts they received and their political ties to the Trump Administration. Even so, Congressional Democrats are calling for greater transparency and have committed to carefully examine this and other loan-level data to ensure that PPP loans were made available to small and underbanked businesses.
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