As large, publicly-traded companies face a deadline Thursday to return money intended to serve as a lifeline for small businesses during the coronavirus crisis, a group of news outlets is joining forces to compel the Small Business Administration to reveal the names of all the companies approved to receive
The deadline for publicly traded companies to return their Paycheck Protection Program loans to the IRS without penalty is Thursday.
As the deadline to return the loans arrives, five news organizations have announced they are suing the SBA for access to information on loan recipients.
President Donald Trump has indicated a willingness to release a full list of businesses that have received PPP loans. But the SBA has never publicly released information about PPP loan recipients, despite repeated requests for information from the press, and despite multiple requests under the Freedom of Information Act .Advocates say demographic information about PPP recipients can help taxpayers and lawmakers understand if the funds made it to the intended recipients.
The PPP program began with an initial $350 billion available in loans, and has since been replenished by Congress with an additional $310 billion. The initial round of funding was depleted in 13 days, while the second round was made available April 24. Nearly $120 billion was still available as of May 13.
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