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Treasury Dept. Agrees to Release Data on Small-Business Relief Treasury Dept. Agrees to Release Data on Small-Business Relief
(3 days later)
WASHINGTON — Bowing to political pressure, the Trump administration said on Friday evening that it would disclose borrower information for recipients of millions of small-business loans through the $660 billion Paycheck Protection Program.WASHINGTON — Bowing to political pressure, the Trump administration said on Friday evening that it would disclose borrower information for recipients of millions of small-business loans through the $660 billion Paycheck Protection Program.
The decision is a reversal for the administration, which had closely guarded the information and argued that private businesses should not have their names or the amount of money that they took from the federal government disclosed. The move comes as Democrats had seized on the secrecy surrounding the program to suggest that the bailout was an example of the Trump administration engaging in corporate cronyism.The decision is a reversal for the administration, which had closely guarded the information and argued that private businesses should not have their names or the amount of money that they took from the federal government disclosed. The move comes as Democrats had seized on the secrecy surrounding the program to suggest that the bailout was an example of the Trump administration engaging in corporate cronyism.
The new disclosures will apply to loans of more than $150,000. The information will be broken down into five loan ranges, topping out at the maximum amount of $10 million. The Small Business Administration will release business names, addresses, demographic data and jobs supported.The new disclosures will apply to loans of more than $150,000. The information will be broken down into five loan ranges, topping out at the maximum amount of $10 million. The Small Business Administration will release business names, addresses, demographic data and jobs supported.
The Treasury Department, which jointly administers the loan program with the S.B.A., did not say when the new information would be made public; however, some of the demographic data will be included in loan forgiveness applications, which might not be submitted for months.The Treasury Department, which jointly administers the loan program with the S.B.A., did not say when the new information would be made public; however, some of the demographic data will be included in loan forgiveness applications, which might not be submitted for months.
Treasury officials said on Friday that the decision, which has bipartisan support, would provide transparency while maintaining protection for small businesses. It does not appear that any additional legislation will be required, and the Treasury maintains that the law did not mandate the disclosure of additional data.Treasury officials said on Friday that the decision, which has bipartisan support, would provide transparency while maintaining protection for small businesses. It does not appear that any additional legislation will be required, and the Treasury maintains that the law did not mandate the disclosure of additional data.
Thus far, the administration has been providing only information about loan approval totals and lenders, along with basic geographic and industry information. No data specific to companies has been released.Thus far, the administration has been providing only information about loan approval totals and lenders, along with basic geographic and industry information. No data specific to companies has been released.
“I am pleased that we have been able to reach a bipartisan agreement on disclosure which will strike the appropriate balance of providing public transparency, while protecting the payroll and personal income information of small businesses, sole proprietors, and independent contractors,” Treasury Secretary Steven Mnuchin said in a statement.“I am pleased that we have been able to reach a bipartisan agreement on disclosure which will strike the appropriate balance of providing public transparency, while protecting the payroll and personal income information of small businesses, sole proprietors, and independent contractors,” Treasury Secretary Steven Mnuchin said in a statement.
Jovita Carranza, the S.B.A. administrator, noted that the disclosures would still protect personally identifiable information of entrepreneurs, such as a home addresses associated with the business loans.Jovita Carranza, the S.B.A. administrator, noted that the disclosures would still protect personally identifiable information of entrepreneurs, such as a home addresses associated with the business loans.
The Treasury Department said that the detailed disclosures would apply to about 75 percent the loans that have been approved. Information about loans that are worth less than $150,000 will be released in aggregate by ZIP code, industry, business type and demographics. Many of the businesses that took smaller loans are sole proprietors and Treasury officials did not want information such as home addresses or other personal details for those business owners to be published.The Treasury Department said that the detailed disclosures would apply to about 75 percent the loans that have been approved. Information about loans that are worth less than $150,000 will be released in aggregate by ZIP code, industry, business type and demographics. Many of the businesses that took smaller loans are sole proprietors and Treasury officials did not want information such as home addresses or other personal details for those business owners to be published.
Mr. Mnuchin told a Senate committee this month that he did not believe the loan information should be released because it was “proprietary” and confidential. That set off outrage from Democrats and frustration from Republicans, who believed that more data was necessary to provide oversight over the centerpiece of the biggest government bailout in American history.Mr. Mnuchin told a Senate committee this month that he did not believe the loan information should be released because it was “proprietary” and confidential. That set off outrage from Democrats and frustration from Republicans, who believed that more data was necessary to provide oversight over the centerpiece of the biggest government bailout in American history.
Earlier this week, House Democrats initiated an investigation into the loan program and called for the release of the borrower information. The Treasury Department has also faced complaints from a panel of inspectors general about failing to be sufficiently transparent about how the bailout money is being spent.Earlier this week, House Democrats initiated an investigation into the loan program and called for the release of the borrower information. The Treasury Department has also faced complaints from a panel of inspectors general about failing to be sufficiently transparent about how the bailout money is being spent.
“The administration should release the names of all P.P.P. borrowers — as the S.B.A. routinely does for similar loan programs,” the lawmakers wrote in a letter to the heads of the Treasury Department and the S.B.A.“The administration should release the names of all P.P.P. borrowers — as the S.B.A. routinely does for similar loan programs,” the lawmakers wrote in a letter to the heads of the Treasury Department and the S.B.A.
Mr. Mnuchin signaled on Monday that he was prepared to change course and he engaged in discussions with Senator Marco Rubio, Republican of Florida and the chairman of the Senate’s small-business committee, to find a compromise solution.Mr. Mnuchin signaled on Monday that he was prepared to change course and he engaged in discussions with Senator Marco Rubio, Republican of Florida and the chairman of the Senate’s small-business committee, to find a compromise solution.
On Friday, Mr. Rubio applauded the decision to disclose more information.On Friday, Mr. Rubio applauded the decision to disclose more information.
“The American people deserve to know how effective the P.P.P. was in protecting our nation’s 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 disclosing proprietary information.”“The American people deserve to know how effective the P.P.P. was in protecting our nation’s 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 disclosing proprietary information.”
Updated June 16, 2020 Updated June 22, 2020
A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico.
The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth.The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth.
The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave.The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave.
So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement.So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement.
Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.
A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study.A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study.
The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April.The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April.
Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission.
States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people.States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people.
Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.
If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)
Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications.
The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing.
If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.
If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested.If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested.
Private businesses have been fearful that if data is released about the loans, their confidential information will be made public and they could be vulnerable to hostile takeovers. They have also been concerned that their employees could be more susceptible to poaching if competitors learn what they are paying their workers.Private businesses have been fearful that if data is released about the loans, their confidential information will be made public and they could be vulnerable to hostile takeovers. They have also been concerned that their employees could be more susceptible to poaching if competitors learn what they are paying their workers.
The Treasury Department has not provided company-specific information, but some publicly traded firms voluntarily disclosed that they had taken a loan — in some cases prompting stiff blowback. Many of those firms, like Shake Shack and Ruth’s Hospitality, returned the money amid steep criticism.The Treasury Department has not provided company-specific information, but some publicly traded firms voluntarily disclosed that they had taken a loan — in some cases prompting stiff blowback. Many of those firms, like Shake Shack and Ruth’s Hospitality, returned the money amid steep criticism.
That has dampened enthusiasm for revealing participation in the government program.That has dampened enthusiasm for revealing participation in the government program.
Disclosure of loans “could hurt business owners from a credit standpoint, from a competition standpoint and even from a P.R. standpoint,” Kevin Kuhlman, senior director of government relations at the National Federation of Independent Business, said in an interview this week.Disclosure of loans “could hurt business owners from a credit standpoint, from a competition standpoint and even from a P.R. standpoint,” Kevin Kuhlman, senior director of government relations at the National Federation of Independent Business, said in an interview this week.
Mr. Kuhlman said businesses were fearful that taking P.P.P. loans was becoming a “public shaming exercise” that would be exacerbated if borrower information was released.Mr. Kuhlman said businesses were fearful that taking P.P.P. loans was becoming a “public shaming exercise” that would be exacerbated if borrower information was released.
The White House and Congress have been discussing whether to renew the lending program, which has gone through several changes after it was created as part of the $2.2 trillion economic stabilization package. Complaints about the lack of transparency surrounding the program threatened to become an obstacle in an upcoming round of stimulus legislation.The White House and Congress have been discussing whether to renew the lending program, which has gone through several changes after it was created as part of the $2.2 trillion economic stabilization package. Complaints about the lack of transparency surrounding the program threatened to become an obstacle in an upcoming round of stimulus legislation.
According to the latest figures, 4.5 million loans totaling $512 billion have been approved.According to the latest figures, 4.5 million loans totaling $512 billion have been approved.