Paycheck Protection Program Alert: Small Business Administration Releases Borrower Data

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On July 6, 2020, the Small Business Administration (SBA), in coordination with the Department of the Treasury, released data about borrowers who applied for and received money from the Paycheck Protection Program (PPP). Borrowers who received PPP loans of at least $150,000 are mentioned by name; borrowers who received PPP loans under $150,000 are not mentioned by name. Here are the other important details:

Borrowers Who Received at Least $150,000:

  • In addition to borrower name, certain other information pertaining to the borrower was included in the release including the borrower’s address (street, city, state, and zip code), loan approval date, lender and congressional district are all published.
  • The information does not include the exact amount of PPP loan received; instead, one of five ranges is listed for each recipient: $5–10 million, $2–5 million, $1–2 million, $350,000–$1,000,000, and $150,000–350,000.

Borrowers Who Received Less than $150,000:

  • These borrowers are referenced generically by the amount of the loan, city, state, zip code, NAICS code, business type, demographic information, loan approval date, lender, and congressional district.

It is important for PPP borrowers to review the information that was released and confirm that it is accurate (including the relevant NAICS code). Because it is now public information, borrowers should anticipate receiving questions regarding the PPP loan they received and be prepared to respond, if they choose to respond.

Opinions and conclusions in this post are solely those of the author unless otherwise indicated. The information contained in this blog is general in nature and is not offered and cannot be considered as legal advice for any particular situation. The author has provided the links referenced above for information purposes only and by doing so, does not adopt or incorporate the contents. Any federal tax advice provided in this communication is not intended or written by the author to be used, and cannot be used by the recipient, for the purpose of avoiding penalties which may be imposed on the recipient by the IRS. Please contact the author if you would like to receive written advice in a format which complies with IRS rules and may be relied upon to avoid penalties.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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