Photo | Courtesy of the U.S. Department of the Treasury
U.S. Treasury Secretary Steven Mnuchin
May 4, 2020
More than 95K Mass. businesses received $14.8B in Paycheck Protection Program loans
Photo | Grant Welker
Worcester Art Museum
The U.S. Small Business Administration has awarded $4.36 billion to 48,768 Massachusetts businesses during the Paycheck Protection Program’s second round of $320 billion in national funding, the SBA announced in a statement on Sunday.
Nationally, the SBA approved 2.2 million loans totaling $175 billion from that second round. The program provides loans of up to $10 million to businesses and nonprofits with fewer than 500 employees with a portion eligible for forgiveness if businesses use the money to keep people employed.
Combined with what Bay State businesses received in the first $349 billion round of national funding, which ran out in 13 days, more than 95,000 Massachusetts organizations received PPP loans totaling $14.8 billion.
After ranking ninth nationally in both number of loans approved and total amount of loans, Massachusetts ranks 11th in number of loans from the second round so far and 13th in total amount of loans.
Treasury Secretary Steven Mnuchin and SBA administrator Jovita Carranza said in a joint statement the average loan size in this round of funding was $79,000, which he said indicated the program's support for the smallest of small businesses.
The SBA has processed more than 3.8 million loans since the program launched on April 3, according to Mnuchin and Carranza.
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Anonymous
May 6, 2020
Great article. Much needed government support. As a local Boston DJ company that got hit badly by COVID-19, it has been a huge help.
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