The SBA has been directed to release loan information of all individuals and organizations that received aid through the Paycheck Protection Program and economic injury disaster loans, created under the CARES Act, by Nov. 19.
A ruling by the U.S. District Court for the District of Columbia states that, while the government initially refrained from disclosing the identities of the millions of loan recipients and the specific amounts they obtained as well as other loan-level details through the PPP and EIDL, a host of national-news organizations “unhappy with this lack of transparency” submitted Freedom of Information Act requests for the data beginning in May.
The SBA in July released select information regarding individual PPP and EIDL loans, however, the data contained “glaring gaps“ with the SBA not providing both dollar figures and borrower names and addresses, according to the ruling. In addition, the SBA withheld the precise amounts of all loans of $150,000 or more, as well as recipients’ identities for loans under that figure, the ruling stated.
“Finding that neither of the agency’s claimed FOIA exemptions covers the requested information, the Court will grant Plaintiffs’ Cross-Motions in both actions and require SBA to supplement its prior disclosure with the names, addresses, and precise loan amounts of all PPP and EIDL borrowers.”
As previously reported, credit unions in New York State – at the beginning of August – had facilitated more than 9,250 Payroll Protection Program loans since the program’s inception.
By the end of October, the SBA reported that nationally, the PPP had provided 5.2 million loans worth more than $525 billion, while the EIDL program further added another 3.6 million small business loans valued at $191 billion with an additional 5.7 million EIDL advances worth $20 billion.