San Francisco Tax Preparation / CPA: Treasury, SBA Announce Release of PPP Loan Data

Filed in CCH NEWS FEED by on August 11, 2020

Treasury and the Small Business Administration (SBA) announced on July 6 the public release of data regarding specific loans issued under the Paycheck Protection Program (PPP).

“The PPP is providing much-needed relief to millions of American small businesses, supporting more than 51 million jobs and over 80 percent of all small business employees, who are the drivers of economic growth in our country,” Treasury Secretary Steven Mnuchin said in a July 6 press release. “We are particularly pleased that 27 percent of the program’s reach in low and moderate income communities which is in proportion to percentage of population in these areas. The average loan size is approximately $100,000, demonstrating that the program is serving the smallest of businesses,” he added. “Today’s release of loan data strikes the appropriate balance of providing the American people with transparency, while protecting sensitive payroll and personal income information of small businesses, sole proprietors, and independent contractors.”

Meanwhile, the SBA on July 6 also reopened the PPP for new loan applications after it expired on June 30. President Trump on July 4 signed into law the bipartisan bill (S. 4116) which extends the PPP application period through August 8.

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