After weeks of mounting pressure from Congress, government oversight agencies, and outside groups, the Treasury and Small Business Administration agreed to disclose more detailed data on loans through the Paycheck Protection Program, including the names of businesses who received funds. But while the disclosures would account for nearly 75% of the funds used for the program, it wouldn’t include the majority of borrowers.
The agencies announced late Friday that the names of companies and nonprofits who received loans of more than $150,000 will be released, along with other information including addresses, demographic data, and jobs supported by the businesses. The loan amounts would be disclosed in ranges, not individual amounts, from $150,000 to $350,000, $350,000 to $1 million, $1 million to $2 million, $2 million to $5 million, and $5 million to $10 million. Loans in these ranges account for nearly 75% of the funds allocated thus far in the $660 billion program, per SBA data.