Home / US / The Treasury Department, Small Business Administration seems to miss the deadline for revealing information on small business loans

The Treasury Department, Small Business Administration seems to miss the deadline for revealing information on small business loans

But as of Friday afternoon – a government day – the Ministry of Finance and the SBA did not indicate any plans to release the information. Congressional aides who spoke about anonymity because they did not have the authority to inform the press said they did not expect the information to be released before Monday.

It was not clear what caused the delay. Treasury Department spokesmen and the SBA did not return Friday’s request for comment on the cause of the delay.

Although the data to be released only makes up about 1

5 percent of the total number of loans – though much more of the dollar value – it would be the biggest reveal yet for a program hit by a rocky start but which economists credit for helping Limit job losses. Unemployment reported on Thursday was 11.1 percent, down from the 14.7 percent reported for April.

At a hearing on the Financial Services Committee on Tuesday, Mnuchin said that the Ministry of Finance and SBA would release the data by the end of this week. His statement confirmed the timeframe he and Carranza had presented in a previous letter to the rep. Nydia M. Velázquez (DN.Y.), chair of the Committee on Small Businesses and also a member of the Financial Services Committee.

“We will contact your staff to discuss how you can best access this information in a secure format with the expectation of giving the committees full access by the end of next week,” Mnuchin and Carranza said in the June 25 letter.

Mnuchin has made altered and sometimes contradictory statements about how much data will be released and when. Earlier in June, Mnuchin told Congress that he would not release the borrower’s information at all, even though SBA has long published basic information on state borrowers and the PPP application form indicates that the borrower’s basic information will be made public.

Following a call from Democrats and government watchdogs, Mnuchin reversed his position and agreed to the partial disclosure that the administration planned but failed to leave Thursday.

Others require greater disclosure than the administration’s current plan includes. A lawsuit brought by 11 news organizations, including The Washington Post, seeks company names and loan amounts for all PPP recipients. General inspectors have warned the administration that it is blocking the review of coronavirus rescue programs, including PPP.

The issue of openness about the program comes partly to mind as congressional leaders and the administration work together on another stimulus support that can replace the PPP. Mnuchin said at the Financial Services hearing that the new round of support could target “businesses that are hardest hit”, including hotels and restaurants that are difficult to reopen due to coronavirus-related restrictions.

Democrats generally support a new round of financial support, but some have pushed the administration for more information about PPP before negotiating the details of a new program. About $ 130 billion in PPP funds are still available, and even though Congress extended the deadline to run from June 30 to August 8, all that remains can be reused for a new program.

Velázquez told Mnuchin at the hearing that she could not decide where the program should go “unless we have access to the information.”

Correction: An earlier version of this story erroneously which committee Rep. Nydia M. Velázquez heads. She chairs the House Small Business Committee, not the Financial Committee.

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