PPP loans go to large businesses

1% of borrowers received 25% of funds: NYT

      The $522 billion Paycheck Protection Program was supposed to serve primarily small businesses, but many large businesses received big loans under the program, according to media reports based on recently-released Small Business Administration data.

      One percent of borrowers, who got PPP loans of $1.4 million to $10 million each, received more than 25% of the total funds disbursed by the SBA, the New York Times reported.

      And more than half of the $522 billion in PPP loans was distributed to just 5% of recipients, the Washington Post said. Six hundred companies received the maximum amount of $10 million each.

      At the same time, 28% of the PPP funding went to loans less than $150,000, the Post said.

      The SBA has said that most loans under $150,000 went to small businesses.

More information:
NYT: https://nyti.ms/37NEMOD
WashPost: https://wapo.st/3oAqrMw

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