Published on June 20, 2020 at 04:46AM by By MARCY GORDON, AP Business Writer
WASHINGTON (AP) — The Trump administration has abruptly dropped its insistence on secrecy for a $600 billion-plus coronavirus aid program for small businesses.
The administration announced Friday it will publicly disclose the names of recipients of the taxpayer-funded loans, the amounts they received in ranges, as well as demographic data on the businesses.
The unexpected move came after Democratic lawmakers, government watchdogs, ethics advocates and news organizations called for the administration to make the information public.
Treasury Secretary Steven Mnuchin refused to do so at a Senate hearing last week, saying the data on the Paycheck Protection Program was “proprietary information.” The Small Business Administration, which manages the loan program, has only provided general information, such as the total amounts of loans awarded in a given time period.
Mnuchin said in a statement Friday that the new position resulted from a bipartisan agreement with leaders of the Senate Small Business Committee.
The new approach “will strike the appropriate balance of providing public transparency, while protecting the payroll and personal income information of small businesses, sole proprietors and independent contractors,” Mnuchin said.
To that end, information on loans of less than $150,000 will only be disclosed in totals by industry, business type and demographic category. Nearly 75% of the total loan amounts approved are over $150,000 and will be subject to full disclosure, according to the Treasury Department and the SBA.
In addition, business owners' personally identifiable information, such as a home address associated with the loan, will be withheld.
Critics had denounced the refusal to open the information to the public as an attempt to dodge...
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