U.S. lenders, businesses brace for disclosure on small business pandemic aid

WASHINGTON - Americans will soon get a first full look at which businesses received $515 billion of taxpayer funds when the government, after initial resistance by President Donald Trump’s administration, releases borrower data for one of its highest- profile pandemic aid efforts.

The colossal data set for the Paycheck Protection Program, to be released by the Treasury Department and Small Business Administration in the coming days, will provide transparency for a first-come-first-served program that from the outset was plagued by technology, paperwork and fairness issues. “There’s a level of anxiety,” said Suzie Saxman, a partner at Chicago-based law firm Seyfarth Shaw. “I’ve said to everybody: Prepare to be disclosed, prepare to be audited.”

“The opportunities for waste, mismanagement, abuse and corruption are enormous, and we just can’t know unless we have the information,” said Lisa Gilbert, executive vice president at the Washington-based government watchdog group Public Citizen.Launched in April, the program allows small businesses hurt by the pandemic to apply for a forgivable government-backed loan from a bank, the largest-ever of its kind.

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