The U.S. Small Enterprise Affiliation launched information this month on tens of millions of loans issued via its Paycheck Safety Program, meant to be a lifeline for companies struggling through the coronavirus downturn.
Nearly 540,000 loans went to California companies, in accordance with the info. See beneath for some vital notes about what’s and isn’t within the database.
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The information is introduced as offered by the federal government with just a few exceptions. Metropolis names have been cleaned as much as repair typos, and when a neighborhood inside a metropolis was offered, it was modified (for instance, Van Nuys grew to become Los Angeles and Corona Del Mar grew to become Newport Seashore). A number of apparent errors in ZIP codes have been mounted as effectively. And the counties weren’t offered by the federal government — these have been added primarily based on the town and/or ZIP code.
Additionally, the unique information offered a six-digit code for every enterprise; this model interprets these codes into their corresponding sectors and industries.
Ever because the information was launched, it has been broadly criticized as inaccurate. Some issues are comparatively small and customary, such because the rampant typos in enterprise names and placement data.
Others have been a lot bigger: The Washington Publish discovered that many corporations have been reported to have retained extra employees than they make use of, and a few industries’ job-retention totals are increased than the variety of individuals employed in these sectors nationwide.
And information organizations throughout the nation, together with this one, have contacted companies that supposedly acquired loans solely to be informed these companies didn’t get the quantity listed or, in some circumstances, didn’t even apply for PPP loans.
Some data is lacking by design of the federal government. In an effort to guard recipients’ confidential payroll data, loans of as much as $150,000 record a precise quantity however not the corporate’s identify or road tackle. Bigger loans do have the enterprise identify and tackle, however not a precise quantity; as a substitute they’re grouped into 5 loan ranges.
Different data is lacking as a result of it was not required. Candidates may select to not present their race, gender or veteran standing, and most didn’t reply.
Additionally, the SBA famous in releasing the info that it solely included lively loans. “Loans that were cancelled for any reason are not included in the public data release,” officers wrote.