https://www.nbcnews.com/business/business-news/release-ppp-loan-recipients-data-reveals-troubling-patterns-n1249629
Dec. 2, 2020, 12:38 AM EST
By Ben Popken and Andrew W. Lehren
Sweeping data released by the Small Business Administration on who benefited from pandemic relief programs raises questions about the equitability and distribution of loans intended for small businesses, an initial analysis by NBC News shows.
The analysis found that properties owned by the Trump Organization as well as the Kushner Companies, owned by the family of Jared Kushner, President Donald Trump's son-in-law and senior adviser, profited from the program.
After months of litigation, the SBA released the dataset Tuesday night on every small business that received a Paycheck Protection Program (PPP) or Economic Injury Disaster (EIDL) loan.
The data reveals the most complete accounting to date of the more than $700 billion in forgivable loans Congress and the Trump administration introduced in the spring for allowable expenses, including payroll, rent, utilities and mortgage interest payments.
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The PPP programs’ original stated intent by officials was to help with payroll for small businesses struggling under the effects of coronavirus lockdown measures. The loans aimed to provide a bridge through the summer for what was hoped to be an improved economic and health climate in the fall.
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There was also the persistent question of what defined a “small business,” after lobbying by the hotel and restaurant industry ballooned the maximum number of employees allowable to 500, even though over 98 percent of the small businesses in America have fewer than 100 employees.
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But in contrast to previous government bailout programs, the agency previously released less detailed versions that it said for privacy reasons omitted the business names and addresses of borrowers who borrowed less than $150,000. And instead of specific loan amounts, loans were listed in ranges.
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