“I am pleased that we have been able to reach a bipartisan agreement on the communication that we will establish an appropriate balance to allow the public to transparency, while protecting the pay, and personal information about the income of small businesses, sole proprietors, and independent,” Mnuchin said in the press release.
The compromise is due to growing concerns from lawmakers of both parties on the limits of the authority has placed on the monitoring of its coronavirus response.
Mnuchin ignited the controversy last week when he said that the Trumpet of the administration will not reveal the names of the companies and non-profit organizations that was awarded the PPP loans, which are guaranteed by the government and can be written off in full when the borrowers use the majority of the funds to pay their workers.
The agencies had expressed a concern that such information might reveal proprietary information about the borrowers, since loans are based on the payroll.
The agencies will not release totals for loans of less than$ 150,000, grouped by ZIP code, industry, business type and “various demographic categories,” the Treasury and the SBA said.
Senate, the Minority Leader Chuck Schumer said in a statement: “Democrats will continue to push for the maximum transparency of the Asset of the administration, especially when it comes to WORRIES Act funds,” referring to the $ 2 trillion relief package Congress passed in March.
Rubio noted that he was satisfied with the agreement.
“The American people have the right to know how effective the PPP was in the protection of our nation, small businesses, and the tens of millions of Americans they employ,” he said in a statement. “I also understand the very real concern that many small business owners have with regard to the disclosure of proprietary information. Today’s announcement to find a balance between these concerns and the need for transparency.”