"Rubio Statement on Bipartisan PPP Loan Disclosure Agreement"
Summary
A statement dated June 19, 2020 from Senator Marco Rubio (R-FL), Chairman of the Senate Committee on Small Business and Entrepreneurship, after the U.S. Treasury Department and the SBA announced a bipartisan agreement with the committee's leaders on public disclosure of Paycheck Protection Program data. Rubio says PPP success must be measured by how many paychecks were protected and that the announcement balances concerns about proprietary information with transparency. SBA will disclose business names, NAICS codes, business type, demographic data, jobs supported and loan amount ranges from $150,000 – $350,000 up to $5,000,000 – $10,000,000. The release states that these categories account for nearly 75 percent of loan dollars approved. For loans below $150,000, totals will be released aggregated by zip code, industry, business type and demographic categories.
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Title: Rubio Statement on Bipartisan PPP Loan Disclosure Agreement Date: 2020-06-19 Rubio Statement on Bipartisan PPP Loan Disclosure Agreement June 19, 2020 Miami, FL — U.S. Senator Marco Rubio (R-FL), Chairman of the Senate Committee on Small Business and Entrepreneurship, released a statement after the U.S. Treasury Department and the Small Business Administration (SBA) announced they reached a bipartisan agreement with the leaders of the Committee on how the Administration will publicly disclose Paycheck Protection Program (PPP) data. “From the beginning, I have been committed to ensuring there is adequate transparency around the Paycheck Protection Program and the other small business programs in the CARES Act,” Chairman Rubio said. “The American people deserve to know how effective the PPP was in protecting our nation’s small businesses and the tens of millions of Americans they employ. That is the standard by which we must measure the success of the PPP: how many paychecks were protected. I also understand the very real concern that many small business owners have with regard to disclosing proprietary information. Today’s announcement strikes a balance between those concerns and the need for transparency.” Details of PPP loan disclosure. SBA will disclose the business names, addresses, NAICS codes, zip codes, business type, demographic data, non-profit information, jobs supported, and loan amount ranges as follows: $150,000 – $350,000 $350,000 – $1,000,000 $1,000,000 – $2,000,000 $2,000,000 – $5,000,000 $5,000,000 – $10,000,000 These categories account for nearly 75 percent of the loan dollars approved. For loans below $150,000, totals will be released, aggregated by zip code, by industry, by business type, and by various demographic categories. For PPP data disclosed to date, including total dollars approved, loan sizes, lender sizes and types, loans approved by state, top lenders, loans by industry sector, and funds remaining, click here. Permalink: https://www.sbc.senate.gov/public/index.cfm/2020/6/rubio-statement-on-bipartisan-ppp-loan-disclosure-agreement
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