![]() ![]() TOTAL estimated number of PPP loan applications PPP funds set aside for small businesses April 3 Of the estimated 45 million applications for PPP the Small Business Administration received, only 4% were approved. The SBA will forgive the loans if companies meet certain benchmarks, such as keeping employees on payroll for eight weeks. ![]() The size of the typical loan nationally was $206,000. There are over 53 million combined small businesses (defined by the SBA as smaller than 500 employees) and self-employed persons in the United State which we are going to simply call in the table below “small companies.”Ĥ,400 of the approved PPP loans exceeded $5 million according to the SBA. $349 BILLION was allocated towards United States small businesses by the SBA. The Paycheck Protection Program was aimed at giving America’s small businesses and self-employed a lifeline to keep them open during the economic shut down due to the coronavirus pandemic. But First: HERE’S WHY THE PPP LOAN PROGRAM DIDN’T WORK Here’s A List of the Biggest Publicly Traded Companies That Got PPP Loans Meant For Real Small Businesses: Privately held restaurant chain Fogo de Chao had $317 million in revenue in 2017 and received $20 million in PPP loans. economy, companies with no marketable product to sell, and big businesses whose parent company is located in a foreign country. Instead, the taxpayer-backed low-interest loans went to companies with thousands of employees, fines and penalties from the government, risks of financial failure long before the coronavirus shut down ravaged the U.S. The Paycheck Protection Program was supposed to infuse small businesses, which typically have less access to quick cash and credit, with $349 billion in emergency loans that could help keep workers on the job and bills paid on time.
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