SBA Loans 6/15-6/19

The Small Business Administration released its weekly PPP Loan report with data through June 20, 2020. The cumulative number of PPP Loans given out (still in round 2 of funding) was 145,623 and the net dollars was $14,163,368,242. This is up 4,626 loans and $121,356,238 net dollars from the PPP Loan report with data through June 12th.

Following pressure last week from Congress to release names of PPP borrowers, Treasury Secretary Steven Mnuchin and the Trump Administration announced a plan to release the names. The names of small businesses that borrowed $150,000 or more will be released. The SBA will release the names, addresses, NAICS codes, ZIP codes, business type, demographic data, and jobs supported for each company. The loan amount will not be given out to the public, but the companies will be placed in one of five groups based on loan size from $150,000 to the maximum amount of $10 million. For companies who borrowed less than $150,000, the SBA will release ZIP codes, industry, and business type, but not specific names of companies. 

On Wednesday, the SBA released a new, easier to use PPP Loan forgiveness application. This new form was released following the Paycheck Protection Program Flexibility Act, which extended the loan forgiveness period from 8 weeks to 24 weeks. It also reduced the amount needed to be spent on payroll from 75% to 60% to be eligible for loan forgiveness.

Sources:
https://www.journalofaccountancy.com/news/2020/jun/ppp-loan-forgiveness-applications.html
https://www.journalofaccountancy.com/news/2020/jun/sba-treasury-to-publish-names-of-some-ppp-loan-recipients.html
https://www.wsj.com/articles/in-turnabout-sba-says-it-will-disclose-names-of-big-ppp-borrowers-11592610165
https://www.forbes.com/sites/brianthompson1/2020/06/17/sba-finally-clarifies-ppp-loan-forgiveness-rules-full-forgiveness-for-self-employed-borrowers/#51becae16741

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