Federal Judge Orders SBA to Release PPP Loan Data

A federal judge has ordered the Small Business Administration to release the names, addresses and precise loan amounts for businesses that received loans under the Paycheck Protection Program. “In light of SBA’s awesome statutory responsibility to administer the federal government’s effort at keeping the nation’s small businesses afloat amidst an economic and health crisis of unprecedented proportions, the public interest in learning how well the agency fulfilled its charge is particularly pronounced,” U.S. District Judge James Boasberg ruled last week. He gave the Trump Administration until Nov. 19 to release the data. Several news organizations had submitted Freedom of Information

SBA Failed to Inform PPP Borrowers About Loan Offsets: IG Report

In April, the Small Business Administration indicated that SBA Economic Injury Disaster Loan Advances would be treated as grants, but now says the forgiven amount of a Paycheck Protection Program loan must be reduced by the EIDL Advance, causing trouble for both borrowers who owe the money and the lenders who will have the unforgiven part of the PPP loan on their balance sheets. Meanwhile, the SBA’s Inspector General released a devastating report that thousands of ineligible businesses received PPP loans.