UPDATE: Where The Money Went
In a victory for transparency, American taxpayers can expect to see where most of the $500 plus billion in PPP loans went. Last week, we noted the Treasury Department’s attempt to keep that information private based on the argument that such a disclosure could put recipients at a competitive disadvantage.
Business names, addresses, NAICS codes, zip codes, business type, demographics, nonprofit information, employment information and loan amounts will be made available. Still unclear, however, is when the SBA will release it.
This data could be helpful in understanding what went right and wrong, especially if the country is forced to endure a second wave of lockdowns and stimulus.
The PPP has been criticized for excluding small businesses without strong, existing banking relationships.