The Paycheck Protection Program: FOIA And Potential Implications For Applicants And Investors - UPDATED November 2020

Lowenstein Sandler LLP

In an important update to our article on the PPP program and the federal Freedom of Information Act (FOIA), a federal judge ruled yesterday (November 5, 2020) that the SBA must release detailed information for all PPP loan recipients, not just those who borrowed loan amounts above $150,000. This will greatly increase visibility into the world of PPP recipients, as the majority of PPP loans were for amounts under $150,000. As reported in The Wall Street Journal, who was also a plaintiff in the suit demanding an expansion of the FOIA release, the "judge set a Nov. 19 deadline for the SBA to release the information on all individuals and entities that received a coronavirus-related loan through the PPP and EIDL program."

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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