July 10, 2020 – This week the PPP loan application filing deadline was extended until August 8, and the SBA released data regarding the recipients of PPP loans.  Congress is out of session until July 20, and there were no legislative developments of note.

Regulatory Developments Relating to the Pandemic

PPP Loan Application Filing Deadline Extended

On July 4, President Trump signed S. 4116, extending the application filing deadline for Paycheck Protection Program (PPP) loans to August 8.  Senators Benjamin Cardin (D-MD), Chuck Schumer (D-NY), Jeanne Shaheen (D-NH), Chris Coons (D-DE), Jacky Rosen (D-NV), and Susan Collins (R-ME) introduced the bill on June 30, the original filing deadline. 

SBA Release Paycheck Protection Program Loan Data

On July 6, the Small Business Administration released detailed loan-level data for all loans made under the Paycheck Protection Program (PPP).  The data includes NAICS codes, zip codes, business type, demographic data, non-profit information, name of lender, number of jobs supported, and loan amounts within six ranges. For loans at or above $150,000, the SBA is also releasing each borrower’s business name and address.  The data release also includes overall statistics regarding dollars lent per state, loan amounts, top lenders, and distribution by industry.  SBA asserted that the loans have reached diverse communities proportionally, across all income levels and demographics.  Regarding PPP loan recipients, Forbes Magazine reported that:

  • 43,815 restaurants received between $13.6 billion and $32.7 billion;
  • 31,559 dentists and physician offices received between $9.9 billion and $24.3 billion;
  • 14,306 law offices received between $5.3 billion and $12.8 billion;
  • 12,694 new car dealerships received between $7 billion and $16.7 billion;
  • 10,684 religious organizations received between $3 billion and $7.5 billion; and 
  • colleges, universities, and professional schools received between $1.08 billion and $2.54 billion.

Main Street Lending Program Becomes Fully Operational

On July 6, the Federal Reserve Bank of Boston announced that the Main Street Lending Program is fully operational and ready to purchase participations in eligible loans that are submitted to the program by registered lenders.  The bank also announced its intention to publish a state-by-state listing of lenders accepting new business customers under the Main Street program and electing to be listed.

Legislative Proposals

There were no legislative proposals of note this week. Congress is currently out of session until July 20.