Illustration: Sarah Grillo/Axios

The Treasury Department and Small Business Administration plan to release the names of businesses that received $150,000 or more in Paycheck Protection Program loans, the agencies announced Friday.

Why it matters: Taxpayers bailed out millions of small businesses seeking relief from the coronavirus pandemic with hundreds of billions of dollars in PPP loans. Any lack of transparency around where the money went could have made it more difficult to know how well the program worked, Axios' Dan Primack reported last week.

Details: Business names, addresses, zip codes, demographic data, jobs supported and nonprofit information will be disclosed from the businesses that received $150,000 or more in PPP loans. These amounts account for roughly 75% of dollars lent.

  • Detailed loan numbers won’t be revealed, but the government will put each loan in one of five categories ranging from $150,000 to the maximum loan amount of $10 million, per the agencies.
  • Information on businesses that received loans under $150,000 will be totaled up and "aggregated by zip code, by industry, by business type, and by various demographic categories," the agencies said.
  • Axios returned the PPP loan that it qualified for.

But, but, but, via the Wall Street Journal: "Un­der the pol­icy an­nounced Fri­day, how­ever, most of the bor­row­ers who took ad­van­tage of the tax­payer-funded for­givable loans will re­main un-known. Of the roughly 4.6 mil­lion bor­row­ers in the pro­gram, about 86% took out loans worth less than $150,000, ac­cord­ing to data re­leased by the SBA."

What they're saying: “We value transparency and our fiduciary responsibility to ensure American taxpayer funds are used appropriately," SBA Administrator Jovita Carranza said in a statement. "This responsibility goes together with the steps we are now taking to provide needed public information while protecting entrepreneurs’ personally identifiable information, such as a home address associated with their business loan."

  • “Small businesses are the driving force of our economic stability and are leading the way to allow our nation to rebound safely.”
  • “The Treasury Department finally gave in to public pressure from Democrats because their position of hiding which businesses have received PPP loans was untenable," Senate Minority Leader Chuck Schumer said in a statement. "This reversal is a good start and will help us determine if taxpayer money went where Congress intended—to the truly small and unbanked small business. Democrats will continue to push for maximum transparency from the Trump administration, especially when it comes to CARES Act funds."

Context: White House economic adviser Larry Kudlow said last week that the Trump administration never promised to release the names of businesses that received forgivable PPP loans as a part of the CARES Act.

What to watch: The PPP loan application process remains open through June 30.

  • The agencies didn’t specify when the data would be released.

Go deeper:

Go deeper

Breaking down the PPP disclosure debacle

Illustration: Eniola Odetunde/Axios

The U.S. Treasury Department Monday morning released the names of over 660,000 small businesses that received Paycheck Protection Program loans of at least $150,000, per its recent compromise with Congress. Well, at least that's what we thought Treasury did.

What happened: Within hours, several well-known companies and investment firms on the list denied that they had ever applied for PPP loans, let alone received them.

Updated Jul 1, 2020 - Economy & Business

Congress passes extension of Paycheck Protection Program

Illustration: Sarah Grillo/Axios

The House and Senate both unanimously voted to extend the application period for Paycheck Protection Program loans through Aug. 8, just hours before it was set to expire.

Why it matters: There's still over $130 billion in PPP funds available, which could help small businesses pay overhead and keep employees on payroll. It also could help independent contractors like Uber drivers.

Trump extends coronavirus PPP loan application deadline to August 8

President Trump boards Air Force One on July 3. Photo: Saul Loeb/AFP via Getty Images

President Trump signed off on Saturday to give businesses another five weeks to apply for funds through the Paycheck Protection Program.

Why it matters: Roughly $130 billion in PPP funding is still available. The Small Business Administration's inspector general found in May that some rural, minority and women-owned businesses may not have gotten loans due to a lack of prioritization from the agency.