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Release of PPP Loan and Borrower Information

Legends-Bank-Clarksville-Nashville

Release of PPP Loan and Borrower Information: July 9, 2020

  • The Small Business Administration and Treasury Department publicly released information about Paycheck Protection Program loans.
  • The agencies disclosed business names, addresses, dollar ranges for loan amounts, and other information for PPP borrowers with loans of $150,000 or more, which account for nearly three-quarters of the dollar volume of PPP loans.
  • For loans below $150,000, the agencies did not release business names but have reported loan totals, aggregated by ZIP code, industry, business type, and various demographic categories.
  • Make no mistake: Community banks and other PPP lenders are not publicly releasing this information and do not support its publication.
  • The decision to publish PPP borrower and loan information is a result of pressure from Congress and is being administered by the SBA and Treasury, which operate the PPP and are responsible for forgiving program loans.
  • As relationship-based lenders, community banks value and depend on the trust of depositors and small-business borrowers. As locally based institutions, we are relationship bankers who are accountable and fully committed to the customers we serve.
  • In fact, community bankers are proud of our role in making PPP loans and helping small businesses and local communities through the challenges posed by the COVID-19 pandemic and economic shutdown.
  • Community bankers from the C-suite to the front line have put in long hours to make and process PPP loans to keep local communities afloat. Many worked throughout the evenings and weekends to make these loans possible for those who were counting on them.
  • SBA data show that community banks have led the way in PPP lending, which has saved tens of millions of jobs.
    • According to an SBA summary of PPP data through June 27, lenders under $10 billion in assets have made some 2.43 million PPP loans worth nearly $229 billion.
    • Lenders from $10 billion to $50 billion in assets made more than 730,000 loans worth more than $100 billion.
    • Combined, the two asset classes account for more than 66 percent of approved loans and more than 63 percent of the approved dollar amount.
  • Community banks will continue doing everything in our power to support local communities, promote economic growth, and preserve jobs during this challenging time.