The Trump administration on Monday disclosed the names of many small businesses which received loans under a program intended to blunt the economic damage from the coronavirus pandemic.
The disclosure comes amid demands from Democrats for more transparency around the Paycheck Protection Program, or PPP, funds established as part of the $2 trillion CARES Act, which President Donald Trump signed this spring.
[The full list is available on the Small Business Administration website, which you can access here.]
Treasury Secretary Steven Mnuchin sparked an outcry from Democrats when he originally implied that the Trump administration would not disclose the names of participants. The Treasury and SBA later reversed course, saying they would disclose names and other details about businesses that took PPP loans of $150,000 and above.
Those loans represent nearly three-fourths of total loan dollars approved, but a far smaller proportion of the number of actual loans. About 87% of the loans were for less than $150,000, according to the SBA.
Among the notable recipients are:
There were several errors in the database, so it's not clear whether all the companies listed received the funds. Some firms said they didn't receive or apply for the money they're listed as getting.
The SBA released other details about the program Monday, including:
The PPP's goal is to offer forgivable loans to smaller businesses, helping them to stay afloat and employees to maintain their jobs as the coronavirus puts the U.S. economy on hold.
Companies that maintain most of their payroll through the span of the loan may convert those funds into a grant.
While the aim of the program was to aid ailing companies with less than 500 employees, its effectiveness has remained unclear. Larger and public companies initially took advantage of loosely written language to tap the funds for themselves.
They — and many more companies — ultimately returned the money after public outcry. More than $30 billion in loans were returned overall, senior administration officials who declined to be named said Monday.
Lawmakers have also pushed to find out if politicians or their families' have taken on funds from the program. Rep Vicky Hartzler, R-Mo., on Thursday disclosed that her family's businesses received nearly $480,000.
The program was initially rolled out in April, offering $349 billion to small businesses. After those funds quickly ran out, the government replenished the program with an additional $310 billion.
The program's critics have expressed concern that the amount of untapped funds could show that rural or minority-owned businesses with weaker or no banking relationships have had trouble accessing relief money. More than 40% of Black small business owners were forced to close shop as result of the pandemic.
Democrats have sought assurances that programs established to help Main Street sufficiently reach those who most need it. The bill Congress passed to replenish the program in April included $60 billion specifically for small lenders in response to concerns about businesses without a traditional banking relationship accessing loans.
Last month, Congress passed a bill easing the terms for how businesses can use the funds and qualify for forgiveness. It lowered the share of the loan that a company must spend on payroll and gave them a longer period of time to use the money.
The House of Representatives followed the Senate in passing a measure Wednesday to extend the program's application deadline from June 30 to Aug. 8.
Trump on Saturday signed the extension into law.
— CNBC's Kate Rogers, Betsy Spring, Kevin Breuninger and Kayla Tausche contributed to this report. Graphics by CNBC's John Schoen