Disclaimer: This article does not constitute and cannot be relied upon as legal, tax, accounting, banking, financial, or any other form of professional or other advice. To the best of our knowledge, this information was correct at the time of publication. Given the rapidly developing situation, and with the possibility of new guidance being issued at any time, be aware that some or all of this information may change. Please visit PYA’s COVID-19 hub frequently for the latest updates, as we are working diligently to put forth the most current information as it becomes available.
Under the Freedom of Information Act and U.S. Small Business Administration (SBA) rules and regulations, public disclosure of Paycheck Protection Program (PPP) borrower information has always been a possibility. U.S. Treasury Secretary Steven Mnuchin, however, has resisted and voiced to the SBA his opposition regarding the full scope of legally required disclosures of PPP borrower information. Concerning such disclosures, the SBA and Treasury Department have issued a press release announcing they have reached a bipartisan agreement with leaders of the U.S. Senate Small Business Committee to publicly release only limited data regarding PPP borrowers. The agreement strikes a balance between the interests of both transparency and the protection of small business information including “payroll and personal income information.” Under the agreement, the SBA will only disclose PPP borrower information consisting of:
- Business names, addresses, NAICS codes, and zip codes;
- Business type, demographic data, and if applicable, non-profit information;
- Number of jobs supported; and
- Loan amount range as follows:
- $350,000-$1 million
- $1 million-$2 million
- $2 million-$5 million
- $5 million-$10 million
PYA will continue to monitor PPP developments. If you need PPP loan forgiveness assistance or would like additional PPP guidance, visit our COVID-19 hub, or contact one of our PYA executives below at (800) 270-9629.
*Disclaimer: The information above is only a non-exhaustive summary of select provisions of the press release discussed herein; the full text of the original CARES Act and its PPP provisions can be read here.