The Treasury Department and Small Business Administration bowed to congressional pressure Friday and said they will disclose information on companies that received loans under the government’s massive small business rescue program.
The names of companies and nonprofits that got loans larger than $150,000 under the Paycheck Protection Program will be released, along with other identifying information, the agencies said in a statement. Loan amounts will only be given within a certain range.
Treasury Secretary Steven Mnuchin said the move represents an agreement with the bipartisan leaders of the Senate Small Business Committee, which is headed by Sens. Marco Rubio (R-Fla.) and Ben Cardin (D-Md.). Those lawmakers had asked for all borrowers to be identified; the deal will cover nearly 75 percent of the more than $500 billion that has been lent out, though only a minority of the 4.5 million total beneficiaries. Continue reading.