Loans – New PPP loan Information Reveals Extra on Bay Space Recipients – NBC Bay Space
New information launched by the Small Enterprise Administration (S(BA)) reveals essentially the most full accounting of greater than $700 billion in forgivable loans for small companies throughout the nation impacted by the COVID-19 pandemic.
The info was launched Tuesday evening after 11 information organizations, together with NBC Information, sued for the data.
Click on right here for an entire nationwide evaluation of the info by NBC Information.
In all, practically 5 million corporations obtained forgivable loans by way of this system.
An NBC Bay Space evaluation discovered no less than 24 Bay Space corporations obtained $10 million – the utmost quantity distributed by way of this system.
In San Francisco alone, 575 companies obtained loans of $1 million or extra.
Companies throughout the Bay Space’s three largest cities – San Jose, San Francisco and Oakland – obtained greater than $2 billion in mixed loans by way of this system, in response to the info.
For essentially the most half, the recipients fell into just a few particular classes: Development corporations, medical practices and eating places.
Distinguished Bay Space universities and artwork establishments, such because the San Francisco Opera Affiliation, the San Francisco Symphony, and the San Francisco Museum of Fashionable Artwork additionally obtained giant loans.
“The arts is an area that has suffered tremendously as a result of the crisis,” mentioned Marc Goldwein, Senior Vice President of Coverage on the Committee for a Accountable Federal Funds. “Nobody is going to see indoor opera right now. It’s not safe to do so. No one’s going to the theater now. We can argue over whether the program is designed right, whether we should have been having such a universal reach, but this was the goal of the program as it was stated. It wasn’t to try to pick the industries that need the money more.”
“One, are you small? 500 employees or less in a single location,” Goldwein mentioned. “And two, did you have the potential to suffer as a result of the Coronavirus. We weren’t trying to pick winners and losers based on which industries are best for the economy or which are most important for the recovery.”
Whether or not the primary spherical of financial stimulus will likely be sufficient to maintain many of those small companies going by way of the pandemic is the present focus of a debate in Washington D.C. over whether or not to move one other large spending invoice.