The Small Business Administration released the names of businesses Monday that received loans of more than $150,000 under the Paycheck Protection Program, in a data dump that came after weeks of pressure from government watchdogs, Democrats and media organizations calling for more transparency into the massive federal relief spending intended to prop up the economy during the worst of the coronavirus slowdown.
US President Donald Trump speaks after signing the Paycheck Protection Program and Health Care … [+]
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More than 660,000 small businesses received loans of more than $150,000, according to the data.
For loans above that threshold, the SBA grouped borrowers into five categories ranging from $150,000-$350,000 to $5-$10 million rather than disclosing specific loan amounts.
The SBA also released information—including specific loans amounts, though not including individual names—about borrowers who received loans of less than $150,000.
Also absent is data related to businesses that received loans of more than $10 million, like Ruth’s Hospitality Group, owner of Ruth’s Chris Steak House, which in April returned a $20 million PPP loan after a bitter public backlash over publicly traded companies receiving multimillion-dollar loans while mom-and-pop shops were shut out of the program entirely in its early days.
Releasing the data to the public is a reversal of the Trump administration’s earlier stance on the issue; Treasury Secretary Steven Mnuchin said last month that that it considered the loan information to be proprietary and confidential to business owners.
4.9 million. That’s how many PPP loans had been approved as of June 30, according to SBA data. All in all, those loans are worth $521 billion, and there is about $130 billion remaining in the pot.
The PPP was created as part of the $2.2 trillion CARES Act, signed into law by President Trump at the end of March, and was designed to provide forgivable loans to cover payroll and overhead expenses for cash-strapped small businesses. After an initial crush of applications and a chaotic rollout period, the PPP ran out of money in just two weeks, prompting Congress to pass more legislation to replenish the facility in April. On Saturday, President Trump signed into law a bill to extend the PPP for another five weeks, just three days after it expired, buying lawmakers time to figure out what the next round of aid for small businesses will look like when they reconvene later this month.
Forbes Media was approved to receive between $5 million and $10 million in PPP funds, according to SBA data.