SBA Releases Details of PPP Loan Borrowers|
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On December 1, 2020, per order from U.S. District Judge James Boasberg, the Small Business Administration (SBA) released the names, addresses and precise loan amounts for each Paycheck Protection Program (PPP) borrower.
Details of these federally backed borrowings originating from PPP loans and Economic Injury Disaster Loans (EIDL) were set to be released on November 19th following a federal lawsuit filed by several media outlets under the Freedom of Information Act. However, the SBA won a temporary stay of the November 5th ruling. Judge Boasberg ordered the release of the data by today and the SBA did not appeal.
The SBA previously provided the names and addresses of borrowers whose PPP loans exceeded $150,000, listing borrowers within one of five ranges from $150,000 up to $10 million. For loans under $150,000, the SBA released specific amounts but did not include the names of those borrowers.
Aprio has established a dedicated PPP loan forgiveness team that is continuously monitoring the latest information and guidance from the SBA, as well as the Treasury, Congress and the IRS, to ensure we have the latest information when advising our clients.
For assistance in navigating the loan forgiveness process, contact Aprio’s dedicated PPP loan forgiveness team for a consultation.
Disclaimer for services provided relative to SBA programs and the CARES Act
Aprio’s goal is to provide the most up to date information, along with our insights and current understanding of these programs and regulations to help you navigate your business response to COVID-19.
The rules regarding SBA programs are constantly being refined and clarified by the SBA and other agencies In certain instances, the guidance being provided by the agencies and/or the financial institutions is in direct conflict with other competing guidance, regulations and/or existing laws.
Due to the evolving nature of the situation and the lack of final published rules, Aprio cannot guarantee that additional changes or updates won’t be needed or forthcoming and the original advice given by Aprio may be affected by the evolving nature of the situation.
You need to evaluate and draw your own conclusions and determine your Company’s best approach relative to participation within these programs based on your Company’s specific circumstances, cash flow forecast and business strategy.
In situations where resources are provided by third parties, those services should be covered under a separate agreement directly with that service provider. Aprio is not responsible for the actions of any other third party.
Aprio encourages you to contact your legal counsel to address the legal implications of the impact of the CARES Act and specifically your participation in any of the SBA programs.