Small businesses affected by the COVID-19 pandemic now have until August 8 to apply for the Paycheck Protection Program, which provides loans that are entirely forgivable if borrowers spend at least 60% of the loan funds on payroll expenses. The combined number of jobs retained totaled 193,774.
Still, the data that were released revealed a number of controversial and possibly problematic loans given out by the administration, which will likely result in critics questioning whether a conflict of interest exists in some of the PPP funds given out.
"The PPP is providing much-needed relief to millions of American small businesses.who are the drivers of economic growth in our country", noted Treasury Secretary Steven Mnuchin in a release touting the program.
In New Hampshire, more than 23,000 companies and nonprofits received loans, including New Hampshire Public Radio.
Prominent among those businesses are full-service restaurant owners, receiving more loans - nearly 6,000 - as a business sector than any other in Pennsylvania, according to an Associated Press analysis.
The Kushner family, large chains backed by private equity, Wall Street investors, Kanye West, members of Congress, and the law firm that represented President Donald Trump during the Mueller probe were among the thousands of beneficiaries of a Covid-19 relief program aimed at rescuing struggling small businesses and keeping workers employed, according to new federal data released Monday.
Forgiveness on those loans will diminish or disappear if "full-time headcount declines, or if salaries and wages decrease", according to the SBA website. Virginia Gov. Ralph Northam's former medical practice, in which he's still invested, a commercial real estate brokerage firm started by Maryland Gov. Larry Hogan, and an air conditioning and supply company partially owned by Mississippi Gov. Tate Reeves also received loans.
RJ Karney, Director of Congressional Relations with the American Farm Bureau Federation, talks about why the Paycheck Protection Program is important for farmers. More than 4,800 loans were issued in the top band, while the overall average loan size was $107,000, the data shows. The health care and social assistance industry received 12.9 percent of the money, while 12.7 percent went to professional and technical services; 12.4 percent went to construction; 10.3 percent went to manufacturing; and 8.1 percent went to restaurants, bars, hotels and other food- and hospitality-service employers.
The Apatow Co. was among several Southern California entertainment businesses approved for loans.
There were 5,461 lenders who participated in the program, with large banks that have more than $50 billion in assets accounting for 36% of the dollar amount, and lenders with less than $10 billion approving 44%, according to the data. And JPMorgan is among the lenders, also including Bank of America and Wells Fargo, that plan to donate the fees.
The first batch of PPP funds, $349 billion, sold out in just a few weeks. About $140 billion was unclaimed as the application deadline closed June 30. Proposals to repurpose the funds for small businesses that still need aid are expected to be debated in negotiations for an additional round of stimulus later this month.
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