Summarized from Jade West, National Association of Wholesaler-Distributors
The Small Business Administration and the Treasury Department announced they would reveal the recipients of loans of $150,000 or more issued through the Paycheck Protection Program (PPP).
The decision was made following growing congressional pressure. The SBA will disclose the names, addresses, classification codes, zip codes, business type, demographic data, non-profit information, jobs supports, and loan amount of any firm to receive a coronavirus emergency relief loan of at least $150,000. The amount of the loan will be disclosed in a range, rather than a specific amount.
Additionally, U.S. Treasury Secretary Steven Mnuchin agreed to provide key congressional committees with full access to loan data from the PPP – a key demand from Democrats. In a letter to the House Ways and Means Committee, Mnuchin said that would include data with borrower names and loan amounts “with the understanding that nonpublic personally identifiable and commercially sensitive business information will be treated as confidential.”
Read the full story at The Hill.
The NAW has joined other groups in expressing concern about the release of this information.