July 7, 2020
The U.S. Small Business Administration (SBA), in consultation with the Treasury Dept. yesterday released data on the loans made under the Paycheck Protection Program (PPP) – including to hospitals across Illinois and the country. According to an SBA report
, as of June 30, more than 500,000 loans totaling $67.3 billion have been approved for the healthcare and social assistance sector, and more than 200,000 loans totaling almost $22.5 billion to businesses in Illinois.
“The PPP is providing much-needed relief to millions of American small businesses, supporting more than 51 million jobs and over 80 percent of all small business employees, who are the drivers of economic growth in our country,” said Treasury Secretary Steven T. Mnuchin
. “We are particularly pleased that 27% of the program’s reach in low and moderate income communities which is in proportion to percentage of population in these areas. The average loan size is approximately $100,000, demonstrating that the program is serving the smallest of businesses,” he continued. “[Monday’s] release of loan data strikes the appropriate balance of providing the American people with transparency, while protecting sensitive payroll and personal income information of small businesses, sole proprietors, and independent contractors.”
The data release also includes overall statistics regarding dollars lent per state, loan amounts, top lenders, and distribution by industry. View the data
Over the weekend, President Trump signed legislation that had been passed by Congress last week to extend the application period for the remaining $130 billion in PPP funds to August 8.