On Tuesday, December 1, the Small Business Administration (SBA) released detailed information about millions of borrowers under the Paycheck Protection Program (PPP).
The SBA previously released general information about borrowers who received a loan greater than $150,000. The new disclosure contains the names, exact loan amounts and addresses of all PPP borrowers; this new disclosure comes in response to a lawsuit filed by several news organizations under the Freedom of Information Act.
The PPP had distributed over $500 billion when it closed in August, and it has provided significant support to businesses and self-employed individuals during the COVID-19 pandemic. There is reportedly bipartisan support to reopen the program with future stimulus legislation. If the program is reopened, borrowers will likely have to meet new eligibility criteria in order to apply for additional PPP funding.
If you have questions about PPP loans, contact your Warren Averett advisor, or request one of our team members to reach out to you.