The Washington Post, The New York Times, Pro Publica, Dow Jones & Co. and Bloomberg LP filed a lawsuit against the Small Business Administration on Tuesday, seeking the identities of private bu…
, which has so far backed more than $500 billion in loans, has come under scrutiny after the backlash against some chains, like Shake Shack and Ruth’s Chris Steakhouse, for receiving loans. They ended up returning the funds.
The PPP loans, which are distributed through private lenders but backed by the SBA, can be forgiven if recipients retain employees and fulfill other requirements. The lawsuit also challenges the SBA’s denials of expedited processing to some of the outlets. The media outlets argue that the information is needed quickly “because of the public interest in contemporaneously monitoring the disbursement of billions of taxpayer dollars through expansive federal initiatives — most notably the new Paycheck Protection Program — during this period of unprecedented financial and social disruption, and because the SBA has until now routinely provided such information about businesses that take out SBA loans.
An SBA spokesperson did not immediately respond to a request for comment. Last month, the SBA said that they “intend to post individual loan data in accordance with the information presently on theand keep your inbox happy.
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