In an important update to our article on the PPP program and the federal Freedom of Information Act (FOIA), a federal judge ruled yesterday (November 5, 2020) that the SBA must release detailed information for all PPP loan recipients, not just those who borrowed loan amounts above $150,000. This will greatly increase visibility into the world of PPP recipients, as the majority of PPP loans were for amounts under $150,000. As reported in The Wall Street Journal, who was also a plaintiff in the suit demanding an expansion of the FOIA release, the "judge set a Nov. 19 deadline for the SBA to release the information on all individuals and entities that received a coronavirus-related loan through the PPP and EIDL program."
To see our prior alerts and other material related to the pandemic, please visit the Coronavirus/COVID-19: Facts, Insights & Resources page of our website by clicking here.
