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SBA includes business names in latest Paycheck Protection Program data release

Written by Jasir Jawaid

The U.S. Small Business Administration released the names of businesses that received more than $150,000 in funding under the Paycheck Protection Program, the most detailed data yet on the federal stimulus package.

The disclosure comes following demands by lawmakers for more transparency on the program. Treasury Secretary Steven Mnuchin previously said the names of borrowers and the amounts they received would not be released. However, the Treasury Department and SBA said later they would disclose names and other details about businesses that took PPP loans of $150,000 and above.

In addition to business names, the data release includes addresses, NAICS codes, zip codes, business types, demographic data, nonprofit information, the name of lenders and jobs supported.

At $496.7 billion, banks were the most active lenders, followed by credit unions at $9.7 billion and small-business lending companies at $6.6 billion. Financial technology companies and other state-regulated lenders approved $4.7 billion in loans.

JPMorgan Chase & Co. continues to be the top lender with $29.07 billion in loans approved, followed by Bank of America Corp. with $25.20 billion in loans. Truist Bank, with its $13.08 billion in approved loans, edged PNC Bank NA and its $13.04 billion in loans to take the third spot.

A total of 5,461 lenders have approved 4,885,388 PPP loans totaling $521.48 billion. Lenders with under $10 billion in assets accounted for the largest percentage of loans approved at 44%, according to the SBA. Businesses in California received the most money at $68.23 billion, followed by Texas at $41.05 billion and New York at $38.35 billion.

There is $131.91 billion remaining under the Paycheck Protection Program.

This article was published by S&P Global Market Intelligence on the S&P Capital IQ Pro platform.


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