Tax Law Insights

The SBA has now released broader information on borrowers who received loans under the Payroll Protection Program.  The SBA’s release of this information was ordered by United States District Judge James E. Boasberg in a case filed against the SBA, WP Company LLC d/b/a The Washington Post, et al., v. U.S. Small Business Administration, Civil Action No. 20-1240 (JEB) and a related case, Center for Public Integrity v. U.S. Small Business Administration, Civil Action No. 20-1614 (JEB).

The SBA had previously released information for borrowers that received PPP loans of $150,000 or more but did not release information about other PPP borrowers.  The majority of PPP borrowers received loans of less than $150,000, and the SBA had objected to the release of information for these borrowers.

Judge Boasberg gave the SBA until November 19, 2020 to provide the information, but the SBA requested a stay.  Judge Boasberg granted the SBA a temporary stay to provide the information, but then rejected further efforts by the SBA to delay disclosure, ordering the agency to release the information by December 1, 2020.

The SBA has now released this information, and which includes the names, loan amounts, and other information for all PPP borrowers now.

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Burr & Forman has a dedicated team to counsel individuals and businesses in government audits, investigations and defense-related to the Paycheck Protection Program (PPP) and Coronavirus Aid, Relief and Economic Security (CARES) Act. The PPP and CARES Act Audit, Investigations and Defense Team represents and advises clients in audits and investigations involving PPP loans and tax benefits that may have been claimed under the CARES Act.  This multidisciplinary team combines more than 230 years of legal experience and attorneys with previous government positions, including attorneys with IRS Chief Counsel, the United States Department of Justice, and United States Attorneys’ Offices.  More information can be found at www.burr.com.