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The federal $669-billion Paycheck Protection Program helped Central Massachusetts companies retain what they estimate is roughly 148,000 jobs, according to a Worcester Business Journal review of U.S. Small Business Administration data.
Recipients of roughly 18,000 loans made to Central Massachusetts companies were required to report how many jobs they expected aid to save. Even as the region's unemployment rate soared to 14.7% in May, the reports indicate the aid program likely kept the unemployment ranks from growing far larger.
In Worcester, an estimated nearly 24,000 workers were saved from being laid off, with some disclosing only a single saved employee, or not specifying at all. The loans can be made forgivable if they're used to keep employees on the job, but can also be used for other expenses.
More than 10,000 jobs were said to be retained in Framingham, more than 7,000 in Marlborough, roughly 6,700 in Natick, and nearly 6,000 in Franklin.
Statewide, data from the SBA shows 1,087,848 jobs were retained through federal aid. Almost the exact same number of unemployment claims in Massachusetts — 1,093,079 — have been made since mid-March, with the state's unemployment rate rising in May to 16.3%, tied for the fourth-worst rate nationally, according to the U.S. Bureau of Labor Statistics.
This story is part of a series from the Worcester Business Journal analyzing CARES Act funding to Central Massachusetts businesses:
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Worcester Business Journal provides the top coverage of news, trends, data, politics and personalities of the Central Mass business community. Get the news and information you need from the award-winning writers at WBJ. Don’t miss out - subscribe today.
Worcester Business Journal presents a special commemorative edition celebrating the 300th anniversary of the city of Worcester. This landmark publication covers the city and region’s rich history of growth and innovation.
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