At the end of last week, the U.S. Treasury Department and the Small Business Administration (SBA) reached an agreement with the U.S. Senate Small Business and Entrepreneurship Committee on how the Trump administration will release Paycheck Protection Program (PPP) information.
U.S. Sen. Marco Rubio, R-Fla., leads the Small Business Committee and he weighed in on the agreement.
“From the beginning, I have been committed to ensuring there is adequate transparency around the Paycheck Protection Program and the other small business programs in the CARES Act,” Rubio said. “The American people deserve to know how effective the PPP was in protecting our nation’s small businesses and the tens of millions of Americans they employ. That is the standard by which we must measure the success of the PPP: how many paychecks were protected. I also understand the very real concern that many small business owners have with regard to disclosing proprietary information. Today’s announcement strikes a balance between those concerns and the need for transparency.”
Rubio offered the following information on how PPP loans will be disclosed:
SBA will disclose the business names, addresses, NAICS codes, zip codes, business type, demographic data, non-profit information, jobs supported, and loan amount ranges as follows:
- $150,000 – $350,000
- $350,000 – $1,000,000
- $1,000,000 – $2,000,000
- $2,000,000 – $5,000,000
- $5,000,000 – $10,000,000
According to Rubio’s office, “these categories account for nearly 75 percent of the loan dollars approved.”
Information on smaller loans–those less than $150,000–will be, according to Rubio’s office, “released, aggregated by zip code, by industry, by business type, and by various demographic categories.”
Reach Kevin Derby at firstname.lastname@example.org.