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Treasury Dept. to disclose details on small business loan recipients | TheHill – The Hill

The U.S. Small Business Administration (SBA) and Treasury Department announced Friday that they will provide data regarding which businesses borrowed money from the taxpayer-funded Paycheck Protection Program (PPP) after previously saying the names of the firms would not be released.

The disclosure will apply to companies that received loans of more than $150,000 from the program. Firms that got less than $150,000 will not have their names revealed. 

“We value transparency and our fiduciary responsibility to ensure American taxpayer funds are used appropriately. This responsibility goes together with the steps we are now taking to provide needed public information while protecting entrepreneurs’ personally identifiable information, such as a home address associated with their business loan,” said SBA Administrator Jovita Carranza.

The announcement comes after weeks of negotiations with members of both parties in Congress who clamored for more transparency over how PPP funds were disbursed. The arrangement appears to mark an agreement that will disclose the names of most, but not all, loan recipients. 

“I am pleased that we have been able to reach a bipartisan agreement on disclosure which will strike the appropriate balance of providing public transparency, while protecting the payroll and personal income information of small businesses, sole proprietors, and independent contractors,” said Treasury Secretary Steven MnuchinSteven Terner MnuchinTreasury Dept. to disclose details on small business loan recipients On The Money: Treasury, SBA to disclose small business loans of 0K and above | Apple closes stores in states with spikes in coronavirus cases | Artists call on Congress to help club and concert venues during pandemic Our economy is only as strong as our small business community MORE.

The Trump administration has flip-flopped over PPP transparency — the SBA initially said earlier this year that it would release “individual loan data,” but Mnuchin pushed back on that in a Senate hearing this month, saying that business names and loan amounts would remain hidden because the administration considered them proprietary.

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Treasury Secretary Mnuchin, Fed Chairman Powell to face Senate grilling on stimulus programs – CNN

Washington (CNN)Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin will give their first report on the economic stimulus programs implemented by the $2.2 trillion CARES Act when they testify before the Senate Banking Committee on Tuesday.

The hearing comes on the heels of a report from the new Congressional Oversight Commission that found the Treasury Department has spent little of the $500 billion Congress specifically appropriated for lending to businesses and state and local governments. That includes $46 billion for the airline industry, none of which has been lent so far.
Congress passed the CARES Act aid package about two months ago. It was meant to help support the economy and help people pay their bills as stay-at-home orders shuttered businesses. More than 36 million people have lost their jobs since the middle of March.
Powell and Mnuchin could face questions on the small business lending program, the direct stimulus payments Treasury is sending out to about 150 million Americans, as well as the central bank’s Main Street lending program for small and mid-sized businesses.
Lawmakers are currently considering changing some parts of the small business program, known as the Paycheck Protection Program. The loans are forgivable as long as 75% of the money is spent on payroll. But business owners are having trouble bringing workers back before the eight-week deadline. A bill passed by Democrats in the House on Friday would extend the time period to 24 weeks, but the proposal has little chance of passing the Senate.
The Paycheck Protection Program — which operates on a first-come, first-served basis — also drew criticism as some large companies received loans while mom-and-pop shops were kept waiting.
Some of them, like Shake Shack and the Los Angeles Lakers, have given the money back.
Mnuchin is expected to tell the Senate committee that 4.2 million small business loans have been made for a total of more than $530 billion, according to his prepared testimony.
He will also say that 140 million stimulus payments have been sent directly to Americans, for a total of $240 billion.

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