span.s1 {letter-spacing: 0.0px}. More recent data can be found on USAspending.gov. Please cite ProPublica by linking to this page. p.p1 {margin: 0.0px 0.0px 0.0px 0.0px; font: 12.0px Helvetica} However, that list accounts for less than 15% of loans made through the program. Those loans, however, accounted for only 27.2% of the $521.5 billion in loans approved. EIDL applicants have faced a number of challenges, according to applicants and other business stakeholders GAO interviewed between August 2020 and February 2021. p.p1 {margin: 0.0px 0.0px 0.0px 0.0px; font: 12.0px Helvetica} Accountable.US shines a light on corporations and special interests that too often wield unchecked power and obstruct progress. Recipients of the Shuttered Venue Operators Grant. Also, the program is susceptible to payment errors. In addition, of course, investment managers and private equity employees tend to be exceedingly well-paid occupations. Borrowers who have been debarred or suspended from doing business with the federal government received about $96.3 million in PPP funding, the analysis found. Loans Issued In Florida. | Frequently Asked Questions , by Moiz Syed and Derek Willis, July 7, 2020. Employee self-service and seamless Benefits management. Sub-Awards. Top Industries Avg Loan Avg Jobs % Total Total Loans ; Beef Cattle Ranching and Farming : $15,778: 1: 5%: 17,465: Corn Farming : $18,553: 1: 5%: 13,771: Beauty Salons : $14,420: 3: 1%: 2,913: Soybean Farming: When can my staff return to work and do so as safely as possible? Fraud cases involved, for example, applicants whose businesses did not exist. He said more transparency was needed "to ensure that these taxpayer dollars went where Congress intended to the truly small and underbanked small businesses.". SBAs lack of adequate front-end controls to determine eligibility contributed to the distribution of COVID-19 EIDLs and emergency EIDL grants to potentially ineligible recipients. A business may qualify for both an EIDL and a physical disaster loan. Businessesowned by politiciansalso borrowed from the program, including a minor league baseball team owned by the family of the governor of Ohio. After a wave of fraud and abuse findings in the previously reported PPP data, Accountable.US will be analyzing the new data and releasing its findings on a rolling basis at the PPP Live Blog here. A large franchisee of Wendy's, Taco Bell and Pizza Hut restaurants, whose CEO is a major donor to President Donald Trump, received loans totaling $15 million to $30 million. 0. In an effort to provide greater transparency into this latest tranche of data, Accountable.US compiled the information into a searchable database at, . High-profile evangelical megachurches, including several with pastors who have backed Trump, also received loans after religious entities were permitted to seek aid even if they performed only faith-based functions. 5 AVG COMPANY SIZE. Hundreds of law firms and private equity companies also obtained the forgivable, 1% loans. Connect with me on LinkedIn or follow . Award Amount. Between March 2020 and February 2021, SBA provided about 3.8 million low-interest EIDL loans and 5.8 million grants (called advances) totaling $224 billion to help small businesses adversely affected by COVID-19. Is the Digital Wallet Plan from Big Banks Just About Butting Heads with PayPal? They ranked fifth on a list of recipients. The SBA argued that disclosing the names of loan recipients could violate their privacy because PPP loans are tailored to the size of a business's payroll. Two months later, the SBA released . To prevent potential improper payments, we recommended SBA use the batch match or continuous monitoring functions available in Treasurys Do Not Pay portal to identify potentially ineligible applicants before disbursing COVID-19 EIDL program funds. 43. For example, applicants from five discussion groups and several stakeholders cited lack of information and uncertainty about application status as major concerns. The SBA and the Treasury Department have said they aim to focus their audit on loans of more than $2 million. The Trump administration said that identifying the EIDL and PPP recipients would violate individuals' personal privacy and reveal confidential business information that can be redacted under . SBA stated that the new portal would include improved messaging features that permit applicants to receive immediate status updates and to submit questions to loan processing teams on a safe and secure portal versus communicating through emails. http://www.sba.gov/office-of-inspector-general. The economy still has nearly 15 million fewer jobs than before the pandemic. Law enforcement has seized about $450 million in doubtful payments, and loans worth tens of billions of dollars more require further investigation, SBA Inspector General Hannibal "Mike"Ware said. Search for PPP loan data here. Effortless payroll. Organizations approved for loans between $150,000 and $10 million. Boasberg, however, denied the SBA's request to keep the data confidential, saying the loan application "expressly notified potential borrowers admittedly in a form disclaimer that their names and loan amounts would be 'automatically released'upon a FOIA request.". The COVID-19 EIDL Customer Service Center is open 8:00 a.m. to 8:00 p.m. Skip to Main Content Search Search . Boasberg's order also would provide extra specificity to data the SBA has already released. Legal Statement. We will continue to monitor the agency's actions to address this recommendation. Sum of Initial Approval Amount. Message and data rates may apply. Skip is not affiliated with the SBA or any government agency and has built this recipient search for informational purposes only. Koons' studio was approved for $1 million to $2 million, the government's data shows. $12.2B TOTAL LOAN AMOUNT. The SBA provided details on a state by state breakdown of the EIDL loans approved to date. Small businesses power the economy. Under open government transparency guidelines, information on recipients of the $793B in forgivable government loans issued through the 2020 Paycheck Protection Program by the US Small Business Administration (SBA) are a matter of public record.FederalPay.org has created a powerful search tool that allows public access to the PPP loan database. The best we could do was sort the named EIDL recipients using five terms: "collision," "crash," "body shop," "auto body," and "body repair." This captured some unrelated . "It didn't reach the industries that needed it, and it looked like it didn't reach the states that were hardest hit," Bovino said. Let Banking Dive's free newsletter keep you informed, straight from your inbox. Jesse Noyes is Head of Content for Zenefits. Home; Practice Areas. Business Unusual: Self-Employed and Struggling With PPP, Banks Begin Accepting Small Business Loan Applications Under Payroll Protection Program, Confused and Waiting for Promised Financial Relief, Small Business Owners Turn to Each Other for Answers, COVID-19: A Checklist for Returning to Work, HR Checklist for Remote Hiring and Onboarding. EIDL advance funds do not have to be repaid, according to the SBA. The figures cover about 3.77 million transactions. The PPP / Cares Act . The average approved under the now maxed out Paycheck Protection Program (PPP) was $206,000, and 74% of loan amounts were under $150,000.. That's according to the Small Business Administration and the U.S. Treasury Department. With the passage of time, it becomes much more troubling when the fraud framework is not in place, William Shear, director in the GAOs financial market and community investment team, told the House Small Business Committee last month. Search more than 11 million loans approved by lenders and disclosed by the Small Business Administration. Assistance Listing (CFDA Program) Disaster Emergency Fund Code (DEFC) North American Industry Classification System (NAICS) Product or Service Code (PSC) Type of Contract Pricing. Big Brothers Big Sisters of Central Indiana received . Connect with me on LinkedIn or follow me on twitter. There are too many questions that go unanswered., Get the free daily newsletter read by industry experts. If the applicant is deemed ineligible, recover any disbursed funds, and flag the . Millions of business owners and individuals across the US have received EIDL loans and EIDL Advances and millions more are still waiting for EIDL loan increases, Targeted EIDL Advances and Supplemental EIDL Advances. Companies were not required to supply demographic data on their applications, and many entries about race and gender contained "unanswered.". All their loans were in the $2-million-to-$5 million range. Streamline onboarding, benefits, payroll, PTO, and more with our simple, intuitive platform. Lawmakers' staff and media organizations have found a litany of discrepancies when analyzing PPP and EIDL data. The Treasury Department identified just a fraction of the total borrowers Monday, naming only companies that got more than $150,000. He started out as a business reporter before beginning a career in marketing. COVID-19 EIDL. Scottsdale, Arizona-based P.F. The scandal is whats legal, not whats illegal.. As part of the Paycheck Protection Program, the federal government has provided hundreds of billions in financial support to banks to make low-interest loans to companies and nonprofit organizations in response to the economic devastation caused by the coronavirus pandemic. $84,002 AVERAGE PPP LOAN. Early in the PPP's lifespan, if a company had fewer than 500 employees and certified current economic uncertainty makes this loan request necessary to support the ongoing operations, it was generally approved. Meanwhile, we've done a recent poll on our YouTube channel on approvals for EIDl Advances, Targeted Advances, and Supplemental Advances. For help with EIDL, call 833-853-5638 (TTY: 855-440-4960) or email disastercustomerservice@sba.gov. Many months and broken promises later, the court-ordered release of this crucial data while the Trump administration is one foot out the door is a shameful dereliction of duty and flagrant mismanagement of a program that millions of workers and small businesses needed to get through this pandemic. In addition, GAO analyzed loan application data, conducted five discussion groups with applicants, and interviewed staff from SBA, six Small Business Development Centers, and six business associations. We recommended that SBA address these issues. SBA Disaster Assistance Update Nationwide EIDL Loans / COVID-19 Loans Approved 3,645,556 Dollars Approved $194,374,549,652 2 November 23, 2020 Figures as of 11/22/20 STATE APPROVED DOLLARS STATE APPROVED DOLLARS Alabama 44,658 $ 2,007,815,630 Kansas 18,669 $ 1,079,797,349 Americans deserved an open, transparent small business aid program when this pandemic started, and any new small business relief program must take a lesson from the abject failures of this one.. "And now we're dealing with a mid- to long-term problem.". 64,078 TOTAL PPP LOANS. Developing and implementing a comprehensive communication strategy that includes these details could improve the quality, clarity, and timeliness of information SBA provides to its applicants and resource partners following catastrophic disasters. The Croswell companies were among 2,863 local borrowers that dipped into both the PPP and EIDL programs in 2020, according the I . Number of Loans Forgiven. For example, beginning in June 2020, SBA took actions to improve loan officers' ability to withhold funding for applicants suspected of fraud. We have also posted new curated grant opportunities today. Dallas-based TGI Fridays, which has around 500 restaurants nationwide, obtained between $5 million and $10 million in loans from the program. Get started 24% have been funded for 2 original Advance and Targeted. .css-1hnz6hu{position:static;}.css-1hnz6hu::before{content:'';cursor:inherit;display:block;position:absolute;top:0px;left:0px;z-index:0;width:100%;height:100%;}.css-722v25{font-weight:var(--chakra-fontWeights-bold);}RyderMay 24, 2021 2 min read. Early in the PPP's lifespan, if a company had fewer than 500 employees and certified current economic uncertainty makes this loan request necessary to support the ongoing operations, it was generally approved, The Wall Street Journal reported. ET, Monday through Friday. But SBA didn't give applicants key information like processing time, loan limits, or status updatescausing confusion and uncertainty for applicants. A significant percentage of COVID-19 EIDLs and emergency EIDL grants that Treasury found in federal data sources had also been identified in earlier OIG audit reports. Extent Competed. In Florida, 41,686 recipients received PPP loans over $150,000. Muy Brands CEO James Bodenstedt is a major donor to the president. "If the Court order stands, the governments 'reward'to small businesses that stepped forward will be to plaster their names, addresses and loan amounts across the newspapers, bringing them unwanted attention and potentially harassment from third parties,"David Addington, general counsel for the NFIB, wrote in a letter to the Justice Department aimed at appealing the judge's order, according to The Wall Street Journal. Text STOP to stop receiving messages. Please check your login credentials and try again. Similarly, here's a snapshot of what the PPP loan lookup looks like. Lawsuits claim it wrecked their teeth. The loans can be forgiven if businesses mostly use the money to continue paying workers. Louisiana has a total of 217,332 businesses that received Paycheck Protection Program (PPP) loans from the Small Business Administration. The recipients employed 51 million people before the pandemic began, Treasury Secretary Steven Mnuchin said. It described the program "as compensation for a government taking during the shutdown.". The SBA and the Treasury Department have said they aim to focus their audit on loans of more than $2 million. Not surprisingly, California topped the list. FinCEN chief Kenneth Blanco warned anti-money laundering experts this fall that online vendors were selling a how-to guide of sorts for creating fraudulent coronavirus aid applications, according to the Journal. He has given $300,000 to the Trump Victory PAC since the start of this year, according to federal campaign finance records. With the passage of time, it becomes much more troubling when the fraud framework is not in place, William Shear, director in the GAOs financial market and community investment team, Webinar SBA's planning documents describe in general terms the public outreach to be conducted following disasters, but they do not detail the type or timing of the information to be provided. The U.S. SBA regularly publishes EIDL loan data for all past EIDL loan recipients. While that covers about 20% of the total amount lent, it represents less than 1% of total loans, according to SBA data. , The free newsletter covering the top industry headlines, Encapture releases data validation solution to enhance compliance automation, By signing up to receive our newsletter, you agree to our, The Small Business Administration (SBA) on Tuesday, The public "maintains an urgent and immediate interest in assessing the results of SBAs initial effort at administering a massive small-business relief package and extracting lessons where possible both to inform a critical, ongoing federal debate and to remedy failures in the loan-disbursement process moving forward," Boasberg wrote in his order, according to, The Financial Crimes Enforcement Network (FinCEN) received. Justice, a Republican, is considered to be West Virginia's richest person through his ownership of dozens of coal and agricultural businesses, many of which have been sued for unpaid debts. Among the Trump-linked churches that received PPP loans was First Baptist Dallas, the Texas megachurch where senior pastor and White House ally Robert Jeffress hosted Vice President Mike Pence for a pre-July 4 service. Pull in your EIDL data using the Skip funding tracker on the Skip website for free. Workest is powered by Zenefits. GAO recommends that SBA develop a comprehensive communications strategy that includes guidelines for the type and timing of information to be provided to potential and actual applicants of its disaster response programs. Japanese giant Sumitomo Mitsui Banking Corp. has invested $150 million in the digital bank, which aims to roll out personal loans, savings and checking accounts within the next 12 to 18 months. COVID-19 Economic Injury Disaster Loans as of 12-01-20. The U.S. SBA regularly publishes EIDL loan data for all past EIDL loan recipients. Chang's China Bistro says a PPP loan helped it keep 12,000 workers employed and transition its restaurants to carry-out-only during the coronavirus pandemic. Pro-tip: If you find your business in the search, click "Is this your business?" The average loan size was $107,000. At the top of the list of larger borrowers are the types of businesses hardest hit during the pandemic. | 1 p.m. A message seeking comment was left with TGI Fridays. Lack of important program information and application status put pressure on SBA's resources and negatively affected applicants' experience. The new data follows Julys disclosure by the SBA, which revealed the businesses that received $150,000 or more in PPP loans data that only came to light after intense public pressure from government watchdog Accountable.US and other groups. Want personalized 1-1 support to help you with funding and your small business? 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