US discloses names of many paycheck protection loan borrowers - Business Insider

As of July, the program has made 4,885,388 loans totalling $521.4 billion at an average size of $106,744, according to the newly released data.

The specific data released Monday "strikes the appropriate balance of providing the American people with transparency, while protecting sensitive payroll and personal income information of small businesses, sole proprietors, and independent contractors," Treasury secretary Steven Mnuchin said in a press release.

Included are company names and the categorical loan amount they each received , as well as zip codes, number of jobs supported, and other self-reported demographic data. Business names will not be revealed for companies receiving less than $150,000. While only 14% of PPP borrowers accessed loans above $150,000, they account for nearly 75% of total loans issued, the SBA previously said. In order to secure loan forgiveness, borrowers now have 24 weeks to spend the money , and In June, Republican Senator Marco Rubio of Florida, who serves as chairman of the Senate Small Business Committee, urged more transparency on the program in order to judge its effectiveness.

"The American people deserve to know how effective the PPP was in protecting our nation's small businesses and the tens of millions of Americans they employ," he said at the time. "That is the standard by which we must measure the success of the PPP: how many paychecks were protected."

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