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Mnuchin, lawmakers to negotiate business bailout disclosure

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Treasury Secretary Steven Mnuchin said Monday he is planning talks with lawmakers seeking details of $512 billion in emergency small business loans backed by the government during the pandemic, as Mnuchin faces a growing backlash for refusing to reveal the recipients of the aid.

Mnuchin last week said details of individual loans issued under the Paycheck Protection Program were "proprietary" and "confidential" — an announcement that outraged members of Congress who had been demanding information on one of the most widely used programs in the Covid-19 bailout.

On Twitter Monday, Mnuchin said "I will be having discussions with the Senate [Small Business Committee] and others on a bipartisan basis to strike the appropriate balance for proper oversight of #ppploans and appropriate protection of small business information."

Earlier this month, Senate Small Business Chair Marco Rubio (R-Fla.) and Sen. Ben Cardin (D-Md.), the committee's top Democrat, asked the Trump administration to start publishing the names and other details of Paycheck Protection Program loan recipients. Then Treasury said last week that loan-level data would risk disclosing "proprietary data of millions of small businesses and the salaries of sole proprietors and independent contractors."

“Chairman Rubio plans to work closely with [the Small Business Administration] and Treasury to ensure enough data is disclosed about the program to determine its effectiveness and ensure there is adequate transparency without compromising borrowers’ proprietary information," Rubio spokesperson Nick Iacovella said Monday.
Treasury Secretary Steven Mnuchin said Monday he is planning talks with lawmakers seeking details of $512 billion in emergency small business loans backed by the government during the pandemic, as Mnuchin faces a growing backlash for refusing to reveal the recipients of the aid.

Mnuchin last week said details of individual loans issued under the Paycheck Protection Program were "proprietary" and "confidential" — an announcement that outraged members of Congress who had been demanding information on one of the most widely used programs in the Covid-19 bailout.

On Twitter Monday, Mnuchin said "I will be having discussions with the Senate [Small Business Committee] and others on a bipartisan basis to strike the appropriate balance for proper oversight of #ppploans and appropriate protection of small business information."

Earlier this month, Senate Small Business Chair Marco Rubio (R-Fla.) and Sen. Ben Cardin (D-Md.), the committee's top Democrat, asked the Trump administration to start publishing the names and other details of Paycheck Protection Program loan recipients. Then Treasury said last week that loan-level data would risk disclosing "proprietary data of millions of small businesses and the salaries of sole proprietors and independent contractors."

“Chairman Rubio plans to work closely with [the Small Business Administration] and Treasury to ensure enough data is disclosed about the program to determine its effectiveness and ensure there is adequate transparency without compromising borrowers’ proprietary information," Rubio spokesperson Nick Iacovella said Monday.

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