In a 180 degree turn, the Trump administration is now saying it will name the recipients of the Paycheck Protection Program (PPP) and the amount of taxpayer-funded loans they received from helping small businesses amounting to US $ 660 billion -Dollars received will publish.
“I am pleased that we were able to reach a bipartisan disclosure agreement that strikes the right balance between providing public transparency and protecting the salary and personal income information of small businesses, sole proprietorships and independent contractors,” said Minister Steven Mnuchin in a statement.
Earlier this month, Mnuchin told the Senate Committee on Small Business and Entrepreneurship that the names of the loan recipients and the amounts were “proprietary”.
But critics resisted, including Senate minority leader Charles Schumer (D-New York), who challenged the Treasury Department.
“Given the many problems with the PPP program, it is imperative that American taxpayers know if the money is getting where Congress intended, the really small and bankless small businesses,” Schumer told CNBC reported.
But on Friday (June 19), the secretary and the Small Business Administration (SBA), the federal agency that manages PPP, reversed course.
SBA administrator Jovita Carranza said the agency values transparency and has a fiduciary responsibility to ensure taxpayers’ funds are spent wisely.
“This responsibility goes hand in hand with the steps we are now taking to provide the necessary public information while protecting entrepreneurs’ personal data, such as: B. the home address associated with their business loan, ”he said in a statement. “Small businesses are the engine of our economic stability and lead the way to enable our nation to recover safely.”
As of June 12, the PPP has provided $ 512 billion in support to 4.5 million businesses, according to data released on Friday at the tax office.
Nearly $ 55 billion went to 2.98 million companies, and 65 percent of applicants received a loan of $ 50,000 or less. The largest single category was loans between $ 350,000 and $ 1 million, which went to 197,277 companies, totaling $ 112 billion, or 22 percent of the total.
The five states that received the most loans were California with $ 66.6 billion, Texas with $ 40 billion, New York in third place with $ 37 billion, Florida in fourth place with $ 30 billion, and Pennsylvania in fifth place with 20 billion Billion dollars.
Among the sectors, the top five to receive revised loans were healthcare at 12.9 percent; professional, scientific and technical services at 12.7 percent; Construction with 12.4 percent, manufacturing with 10.4 percent and accommodation and catering services with 8 percent.
According to the Treasury Department, $ 129.7 billion remains in the PPP fund.