In big reversal, Treasury and SBA agree to disclose details about many small business loan recipients
Announcement came after Mnuchin initially refused to reveal borrower identities, but some data will still remain hidden
By Aaron Gregg and Jeff Stein
June 19, 2020 at 8:52 p.m. EDT
The U.S. Small Business Administration and Treasury Department announced Friday that they would release a data set showing which businesses received many taxpayer-funded Paycheck Protection Program loans, walking back an earlier stance that all of the business names would remain hidden because the Trump administration considered them proprietary.
The disclosures will include the names of recipients who received loans of more than $150,000 and it will also reveal a dollar range for each loan, such as whether it was between $1 million and $2 million. Precise dollar amounts will not be disclosed, the Trump administration said. Borrowers who obtained loans of less than $150,000 will not have their identities disclosed. The administration said nearly 75 percent of all loans were for $150,000 or more, so most borrowers would be revealed.
The announcement came after several weeks of tense negotiations with congressional leadership, in which members of both parties pressed for some form of disclosure. The plan announced Friday amounts to an attempted compromise in which most loan recipients will be made public while specific details would be obscured.
more:
http://www.washingtonpost.com/business/2020/06/19/treasury-sba-ppp-disclosure/?utm_campaign=wp_post_most&utm_medium=email&utm_source=newsletter&wpisrc=nl_most
DO SOMETHING!
| 