Continue Reading Below
The disclosures -- which could come right before the three-day Fourth of July weekend -- will include the names of recipients who received loans worth more than $150,000, as well as addresses, NAICS codes, zip codes, business type, demographic data, nonprofit information and number of jobs supported.
The agency will not reveal precise dollar amounts of the loans and will instead provide a range for each loan. The ranges are:
- $150,000 to $350,000
- $350,000 to $1 million
- $1 million to $2 million
- $2 million to $5 million
- $5 million to $10 million
Borrowers who receive a loan worth less than $150,000 will not have their names revealed.
Nearly 75 percent of the loans distributed through the $610 billion program are worth more than $150,000, the agency said. As of Friday, more than 4.7 million loans worth about $517.9 billion had been distributed through the program. That leaves roughly $130 billion left over in the fund.
The decision to disclose loan recipients comes after weeks of negotiations, in which both Democrats and Republicans pushed for additional oversight.
"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," Treasury Secretary Steven Mnuchin said Friday, when the SBA announced it would reveal the names of some borrowers.
June 30 is the last chance for small business owners to take advantage of the PPP, a rescue fund established by Congress with the passage of the $2.2 trillion CARES Act at the end of March. Employers with fewer than 500 workers can receive loans of up to $10 million; if at least 60 percent of the money goes toward maintaining payroll, the federal government will forgive the loan in its entirety, essentially transforming the money into a grant.
At the onset, the program was heavily criticized for granting aid to publicly traded companies that had other avenues for relief -- even as small businesses languished. But the SBA and Treasury Department, which jointly administer the program, scrambled to close the loopholes that allowed multimillion-dollar companies to tap the fund, including pledging to audit any loan worth more than $2 million.
At least 439 public companies received forgivable loans totaling more than $1.39 billion through the program, according to Washington, D.C.-based data analytics firm FactSquared. Of those companies, 69 returned the money, or roughly $436 million.
FOX Business' Edward Lawrence contributed to this report