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July 06, 2020 at 03:36 PM
This story has been corrected to reflect that about 650,000 entities took loans of $150,000 or more, not $150 million or more.
The Small Business Administration has posted details on some 4.9 million business loans tied to the $669 billion Paycheck Protection Program, which recently extended its application deadline to Aug. 8.
The SBA information released Monday includes the names of about 650,000 entities taking loans of $150,000 or more. These larger businesses, such as P.F. Chang’s China Bistro, have taken nearly 75% of the PPP funding that has been allocated.
The loans are capped at 2.5 times a firm’s monthly payroll expenses, up to $10 million.
SBA information on loans going to some 4.2 million smaller firms excludes their names but includes their industry sector, number of employees and other data.
The Trump administration agreed to release some data on borrowers last month. News groups such as Bloomberg and ProPublica are suing for access to the full database under the Freedom of Information Act.
The government is giving congressional committee access to all borrowers’ names upon request, according to a Bloomberg report.
By the Numbers
Companies across the country have returned or canceled over $30 billion in PPP loans, a senior administration official told CNBC on Monday. These funds are part of the $2 trillion CARES Act, passed earlier this year in response to the COVID-19 economic crisis.
The nearly 70 public companies that borrowed through the program have returned some $436 million, according to FactSquared, which says the level of gross loans to public firms was nearly $1.4 billion.
