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Names of most PPP loan borrowers will be made public

Brittany De Lea

The Trump administration announced late Friday that it would publicize the names of large Paycheck Protection Program loan recipients.

The Small Business Administration and the Treasury Department said they had “agreed with bipartisan” leaders in Congress to enhance the transparency of the program by releasing additional data about borrowers.

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That information will include business names, addresses, NAIC codes, business type, demographic data, nonprofit information, jobs supported and loan amount ranges for people who received more than $150,000.

The loan amount ranges will be divulged as follows:

• $150,000-350,000

• $350,000-1 million

• $1-2 million

• $2-5 million

• $5-10 million

These ranges account for about 75 percent of loan dollars approved.

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“We value transparency and our fiduciary responsibility to ensure American taxpayer funds are used appropriately,” SBA Administrator Jovita Carranza said in a statement.

When it comes to loans below $150,000, only broad data will be released.

Sens. Marco Rubio, R-Fla., and Chuck Schumer, D-NY, lauded the move on Friday.

The program came under scrutiny after a number of larger companies received loans, which were intended to help out struggling small businesses. Many have since returned the funds.

According to the administration, as of June 12 more than 4.5 million loans had been approved.

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