On Monday, the Treasury Division and Small Enterprise Administration—below strain from authorities auditors, watchdog teams, and Democratic lawmakers—launched new, complete knowledge on the companies that acquired loans below the Paycheck Safety Program. It’s probably the most thorough look but at a program that’s broadly credited with staving off a labor market catastrophe even worse than the one the US is at present dealing with.
With simply over 4 weeks left to go—President Trump final week prolonged the PPP till August 8—and a few $130 billion left within the pot, listed here are ten issues we realized from this week’s knowledge dump.
That’s what number of PPP loans have been accepted thus far, in accordance with knowledge from the Small Enterprise Administration, from a pool of 5,461 lenders. All collectively, these loans had been worth $521 billion.
That’s what number of jobs the PPP supported, in accordance with the SBA.
The typical dimension of a PPP loan.
The portion of loans that had been for lower than $150,000.
That’s the share of PPP loans that went to low and reasonable earnings debtors, outlined utilizing Neighborhood Reinvestment Act standards.
That’s what number of billionaires took PPP loans for his or her companies, in accordance with a Forbes evaluation. The loans went to no less than 44 firms together with Kanye West’s Yeezy attire model, Norman Braman’s Braman Motors, and Los Angeles Occasions proprietor Patrick Quickly-Shiong’s Chan Quickly-Shiong Medical Heart.
That’s the share of loans that went to the healthcare and social help sector, in accordance with a Wall Street Journal evaluation. Retail companies accounted for 7.7% of loans, and the development trade accounted for 12.4%.
That’s what number of jobs restaurant chain P.F. Changs stated it was capable of save due to its PPP loan of between $5 million and $10 million.
That’s what number of asset administration firms and personal fairness companies acquired PPP loans, in accordance with a New York Occasions
That’s how a lot the Catholic Church acquired in accordance with the Los Angeles Occasions, which additionally famous that the church’s take-home may have exceeded $3.5 billion. The cash got here by means of loans to religion teams and nonprofits just like the Archdiocese of New York.
Disclosure: Forbes Media LLC confirmed on July 6, 2020 that it acquired a Paycheck Safety Program loan of $5 million to $10 million on April 15.