Some time ago, the U.S. Treasury Department and the Small Business Administration (SBA) announced they’d start peering into the PPP loan cases. Now, they’ve already provided some data. If you’re interested in this and want to get reliable and cheap small business loans, you’re on the right page.
Treasury & SBA on Small Business Loans
The agencies announced they’d reveal the general amount businesses had received in the form of PPP payments. They started looking at the recipients’ addresses, demographic data, as well as at how many jobs those businesses were able to protect. They won’t provide names and would give summary information broken down by ZIP Code, industry, as well as demographics.
On the whole, COVID-19 has resulted in a deep recession. The unemployment rate in the U.S. has already exceeded 13% after falling a bit in May. According to economists, the small business loan program has been a helping hand for many, but it’s not easy to find out by how much.
If you’re a merchant interested in additional working capital, you have more than one financing option these days. So, federally-backed loans aren’t the only option to try. Consider turning to a trustworthy alternative online lender like FirstAmericanMerchant.com for fast and easy access to the necessary small business loans.
FAM is an award-winning business funding provider and processor specializing in the high risk field and carrying an A+ rating with the BBB.
Data Released by Treasury & SBA
As of June 30, the PPP had provided $521 billion to businesses. After having identified only part of all the borrowers, the Treasury Department names only companies having received more than $150.000. So, this revelation doesn’t refer to those with less than $150.000.
The SBA has recently released data revealing that private-equity-backed chains and companies that belong to some members of Congress have received PPP payments. This is also true of about 90.000 employers with no intention to keep any jobs or who haven’t provided any clear information about the number of jobs they’re going to retain.
So, the U.S. Treasury Department and the Small Business Administration (SBA) announced they’d reveal data on the recipients of PPP payments some time ago. Now, they’ve already provided some information, which refers to businesses having received more than $150.000.