The small business association of the United States and Treasury Department announced the release of the Paycheck Protection Program (PPP). The total value of the loan under the Paycheck Protection Program is 4.9 Million Dollars.
The company has further added that the data provides all the information regarding the sizes of minority depository institutions, participation by community development financial institutions, fintechs and Farm Credit System Institutions, amongst other types of lenders.
Secretary Steve Minuchin said, “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.”
“We are particularly pleased that 27% of the program’s reach is 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,” Steve Minuchin continued.
“Today’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,” Steve Minuchin concluded.
Administrator Jovita Carranza said, “The PPP is an indisputable success for small businesses, especially to the communities in which these employers serve as the main job creators.”
“In three months, this Administration was able to act quickly to get funding into the hands of those who faced enormous obstacles as a result of the pandemic,” Carranza further added.
“Today’s data shows that small businesses of all types and across all industries benefited from this unprecedented program. The jobs numbers released last week reinforce that PPP is working by keeping employees on payroll and sustaining millions of small businesses through this time,” Carranza concluded.