SBA Releases Details for PPP Loans, Including Borrower Names for Loans of $150,000 or More

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On Monday, July 6, 2020, the SBA released details regarding Paycheck Protection Program (PPP) loan recipients. The information release comes despite previous statements from Small Business Administration (SBA) and Department of Treasury (Treasury) leadership that borrower names would be protected from disclosure. SBA and Treasury have recently encountered intense pressure from Congress to release the information, and SBA has also received multiple requests for disclosure pursuant to the Freedom of Information Act (FOIA).

For loans of $150,000 or more, the released data includes the names of borrowers, demographic information, and the number of jobs “retained” by each borrower in connection with the loan. For loans of less than $150,000, the release discloses some demographic and employment information, but does not include borrower names. The data does not include loans for borrowers that returned their PPP loan funds.

Although neither SBA nor Treasury have indicated whether additional borrower-level information will be released, PPP loan recipients should prepare for that possibility.