SBA and Treasury Announce Disclosure of PPP Recipients' Names & Loan Data

On June 19^th, The U.S. Small Business Administration and the U.S. Department of the Treasury announced it would make public additional data regarding the Paycheck Protection Program (PPP).  According to the SBA Press Release, “We are striking the appropriate balance of providing public transparency, while protecting the payroll and personal income information of small businesses, sole proprietors, and independent contractors,” said Secretary Steven T. Mnuchin. 

SBA will disclose the business names, addresses, NAICS codes, zip codes, business type, demographic data, non-profit information, jobs supported, and loan amount ranges as follows:

• $150,000-350,000
• $350,000-1 million
• $1-2 million
• $2-5 million
• $5-10 million

These categories account for nearly 75 percent of the loan dollars approved.  For loans below $150,000, totals will be released, aggregated by zip code, by industry, by business type, and by various demographic categories. 

According to the SBA’s Paycheck Protection Program Report as of June 12, 2020: 

• U.S. approved loans - 4.5 million
• U.S. approved dollars - $512.2 billion
• U.S. average loan - $112,000
• Ohio approved loans – 132,731
• Ohio approved dollars - $18.1 billion

For more information regarding PPP data disclosed to date, including total dollars approved, loan sizes, lender sizes and types, loans approved by state, top lenders, loans by industry sector, and funds remaining, click here. 

It is important to remember:

• The 825 franchised new motor vehicle dealerships in Ohio employ over 55,000 Ohioans with a total annual payroll of $2.8 billion.
• The average Ohio new motor vehicle dealership has an average annual payroll of $3.3 million and employs 67 individuals.
• Ohio new motor vehicle dealerships generate $39.4 billion in annual retail sales. 

Ohio dealerships who applied for PPP loans did so to provide “Paycheck Protection” for their employees and to support business operations during the COVID-19 pandemic crisis. Use of the loan proceeds included: 

• Employee Retention
• Continuation of Benefits (health insurance, retirement benefits, ancillary benefits)
• Re-hiring employees
• Maintaining employee wages
• Paying rent, utilities, and other PPP-approved expenses 

From the start of the COVID-19 pandemic, Ohio dealers were deemed essential businesses due to the importance of maintaining adequate transportation in order to obtain or deliver essential items such as groceries and healthcare products to support a healthy population. In addition, first responders, medical professionals, food distribution personnel and many other individuals who perform critical services were dependent upon adequate transportation.

OADA will continue to provide updates on critical legislative and regulatory measures as they become available.