SBA, the Treasury publishes the names of some PPP beneficiaries
The United States Small Business Administration (SBA) and the Treasury on Monday released the names of all organizations that have received Paycheck Protection Program (PPP) forgivable loans of $ 150,000 or more.
The SBA and the Treasury also released data on recipients of PPP loans under $ 150,000, but did not disclose the names and addresses of those companies.
Data released Monday provides the following details for all of the nearly 4.9 million P3 loans: North American Industry Classification System (NAICS) codes, postal codes, type of business, demographics, news non-profit and supported jobs. For loans of at least $ 150,000, the SBA also listed the names and addresses of businesses sorted by the following loan amount ranges:
- $ 150,000 to $ 350,000
- $ 350,000 to $ 1 million
- $ 1 million to $ 2 million
- $ 2 million to $ 5 million
- $ 5-10 million
The list of names can be accessed through the loan level data of the SBA Paycheck Protection Program Web page.
A five-week extension for the PPP approved by Congress and signed by President Donald Trump has reopened the PPP funds application window until August 8. Morning.
The Treasury and the SBA had committed to publishing data on the level of lending in a Agreement concluded with the bipartisan leaders of the Senate Small Business Committee. Lawmakers and program critics had called for greater transparency over who received the $ 659 billion PPP program loans.
In one 18-page report, the SBA and the Treasury revealed that 86.5% of PPP loans were less than $ 150,000. These loans, however, represented only 27.2% of the $ 521.5 billion in approved loans.
The average loan amount was $ 107,000. Over 3.5 million loans were for $ 50,000 or less, while approximately 82,600 loans were over $ 1 million.
Other highlights of the report include:
- PPP loans support about 51.1 million jobs, or 84% of all small business employees, based on U.S. Census calculations that small businesses employ about 59.9 million workers in the United States.
- Across all 50 states, PPP loans covered 72% to 96% of estimated small business payrolls. The state with the highest percentage of loan support is Florida, while Virginia has the lowest percentage of loans covered.
- Lenders with less than $ 10 billion in assets were responsible for $ 231 billion in loans, or about 44% of the total. Banks with more than $ 50 billion in assets accounted for 36% of the value of loans, or about $ 190 billion.
- Among industries, health care received the most money – $ 67.4 billion – while professional, scientific and technical services received the most loans, 638,221. The construction sectors, manufacturing, accommodation and food services, and retailing each received more than $ 40 billion in loans.
- Banks accounted for about $ 497 billion in loans, followed by credit unions ($ 9.7 billion), small business loan companies ($ 6.6 billion) and fintech ($ 4.7 billion ).
PPP in brief
Congress created the PPP under the $ 2 trillion CARES Aid, Relief and Economic Security (CARES) Act, PL 116-136. The legislation allowed the Treasury to use the SBA’s 7 (a) Small Business Loan Program to fund loans of up to $ 10 million per borrower that qualifying businesses could spend to cover payroll, mortgage interest, mortgage interest, debt. rent and utilities. PPP borrowers are eligible for loan cancellation if the proceeds are used to pay certain eligible costs. However, the loan forgiveness amount will be reduced if less than 60% of the funds are spent on payroll in an eight-week or 24-week loan forgiveness period.
The program was launched in early April with $ 349 billion in funding that was used up in less than two weeks by businesses and other entities seeking funds to help deal with the economic impacts of the COVID-19 pandemic. . Congress then approved an additional $ 310 billion funding for the program, but demand for loans plummeted after public backlash prompted several companies to repay their PPP loans. The slowdown in demand has also been attributed to concerns about loan cancellation rules.
Congress adopted law last month, easing loan cancellation requirements.
PPP loans are available for small businesses that were in operation on February 15 with 500 or fewer employees, including nonprofits, veterans organizations, tribal businesses, self-employed, sole proprietorships and independent contractors. Businesses with more than 500 employees in certain industries can also apply for loans.
Congress designed the loans to support organizations facing the economic hardships created by the coronavirus pandemic and help them continue to pay employee salaries. PPP loan recipients may have their loans canceled in full if the funds have been used for eligible expenses and other criteria are met. The amount of the loan forgiveness may be reduced based on the percentage of eligible costs attributed to non-salary costs, any decrease in employee numbers and decreases in wages or salaries per employee.
AICPA experts discuss the latest news on PPP and other small business support programs at a virtual weekly town hall. The webcasts, which offer CIP credits, are free to AICPA members. Go to AICPA Town Hall Series web page for more information and to register.
the AICPA Paycheck Protection Program Resource Page houses resources and tools produced by the AICPA to help cope with the economic impact of the coronavirus.
For more information and stories on the coronavirus and how CPAs can handle the challenges of the pandemic, visit JofA‘s coronavirus resource page or subscribe to our email alerts for the latest PPP news.
– Jeff drew ([email protected]) is a JofA senior editor.