Paycheck Protection Program (PPP) loans will remain confidential
After testifying before the Senate Small Business Committee that information about Paycheck Protection Program (PPP) loans would remain “confidential,” Secretary of the Treasury Steven Mnuchin announced on Friday, June 19, that loan information for recipients of PPP loans in excess of $150,000 would be publicly disclosed. To address concerns from businesses about disclosing payroll data, the Small Business Administration (SBA) and Treasury said loan information—including business names, addresses, NAICS codes, zip codes, business types, demographic data, non-profit information, and jobs supported—would be released in a range, rather than specific loan amounts.
The ranges are:
$150,000 - $350,000
$350,000 - $1 million
$1 million - $2 million
$2 million - $5 million
$5 million - $10 million
While Secretary Mnuchin said that this was a bipartisan agreement with Congressional leaders, the Democratic Chairs of the House Ways and Means, Small Business, and Financial Services Committees announced on Monday that they would continue to demand that SBA and Treasury disclose the names of all recipients of PPP loans, the dollar amount of all loans received, and the names of all applicants that did not receive PPP loans.