July 07, 2020

SBA releases expanded PPP loan data as program reopens

small bizThe Small Business Administration (SBA) and Treasury Department Monday released more detailed information on paycheck protection program (PPP) loans for those over $150,000, including the company name, range of loan amount, location, and their loan provider. While the program's original authorization expired June 30, President Donald Trump signed an extension to Aug. 8 over the weekend and reopened the program.

In addition to the details for loans over $150,000, the expanded data release includes state-specific breakdowns of loans under $150,000. These do not include specific company names, but does include the city the business is based and the loan provider for all loans, with some loans also detailing race/ethnicity, gender of owner, and veteran status of owner when provided.

Downloads of the loan-level data are available here. The agencies also released key aspects of the PPP loan data to keep in mind while reviewing, noting their effort to balance "providing transparency to American taxpayers and protecting small businesses' confidential business information."

Through June 30, there have been almost 5 million loans disbursed from the PPP, totaling roughly $521 billion. The average loan size continued to fall to about $107,000. In addition, the agencies highlighted the program's impact on jobs, indicating that 51.1 million jobs are supported by these loans.

The program was extended as roughly $130 billion of funds remain. Lawmakers are also considering other changes to the PPP, including providing NAFCU-sought automatic forgiveness for loans less than $150,000. NAFCU has urged the SBA to support this automatic forgiveness and to continue to make other improvements to the forgiveness process.

Further information is accessible on the SBA's and Treasury's websites. NAFCU will continue to monitor potential changes to the PPP and remain in contact with the SBATreasury Department, and Congress to ensure credit unions can lend effectively through the program.

Access NAFCU's updated PPP FAQs here.