After months of calls for greater transparency, information is released on the nearly five million companies that have benefited from the paycheck protection program. However, questions remain.
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After months of withholding information about which companies had received exactly how much from the Congress Paycheck Protection Program (PPP) – and considerable dismay after several listed companies accepted significant amounts before the final return – the Small Business Administration (SBA) and the United States The Treasury today released detailed information on nearly five million PPP fellows.
The total amount of the loans amounts to more than 521 billion US dollars. In a statement, Treasury Secretary Steve Mnuchin said: “The PPP provides millions of small businesses in America with much-needed help and supports more than 51 million jobs and over 80 percent of all small businesses that drive economic growth in our country. "
He then added, "We are particularly pleased that 27 percent of the program’s reach is in low and middle income communities, relative to the population in these areas. The average loan size is approximately $ 100,000, which shows that it’s a program serving the smallest business. "
Related topics: SBA publishes new EZ PPP loan application
Despite the sudden rush for transparency, there has to be an intensive examination. For example, some mom and pop restaurant owners wonder why between $ 2 and $ 5 million – the information has been released by both government and various loan thresholds, which ultimately range from less than $ 150,000 to up to $ 10 million US dollars were allocated to the Alabama diocese in Birmingham.
A quick scan of the available documents (as user-friendly as downloading and parsing may be) shows that a very small minority of owners willingly answered questions about their race, ethnicity, or gender, and that a minority of respondents overall identified their businesses as owned by black or women.
The SBA's language of disclosure is also somewhat confused and assures in one place: "This disclosure covers each of the 4.9 million PPP loans that were granted," but later adds that the various loan amounts are nearly 75 Percentage of Disclosure Approved Loan Dollar. "
In addition, the only document that is said to contain information in all 50 states in alpine order currently ends in California.
Related: Which public companies have returned their SBA PPP loans? (Updated)
The entrepreneur emailed the SBA earlier this month when the upcoming release was first announced, asking for clarity about whether loans exceeded $ 10 million – and if so, if their information would ever be released but not back. We have followed up since then to further clarify whether the above document will be attached to 50 states. We will update you when we have more to share.