WASHINGTON – The U.S. Small Business Administration and the Treasury Department on Monday released loan-level data on each of the more than 4.9 million loans made under the government’s Paycheck Protection Program.
The program was established in March by the CARES Act, aimed at shoring up small businesses struggling amid the coronavirus pandemic. Authorities said the funds were meant to give business owners incentive to keep their employees on payrolls.
— SBA (@SBAgov) July 6, 2020
Data released Monday includes the names of more than 660,000 businesses that received loans of $150,000 or more. A majority of the program’s beneficiaries — about 80% — asked for loans under that amount, with most seeking about $100,000, according to officials.
In a statement, Treasury Secretary Steven Mnuchin said that the program has helped to support “more than 51 million jobs and over 80 percent of all small business employees.”
Under the program, the government is backing $659 billion in low-interest business loans that will be forgiven if employers use the money on payroll, rent and similar expenses. Companies typically must have fewer than 500 workers to qualify.
The Associated Press contributed to this report.