HARRISBURG, Pa. —
The Small Business Administration released new data July 6 on recipients of the Paycheck Protection Program (PPP), part of the federal CARES Act passed on March 27.
Congress allocated $660 million to the program, which has given out forgivable loans to small businesses hit by the COVID-19 crisis.
In Pennsylvania, about 165,000 businesses received loans. Of those, 26,096 borrowed less than $150,000, and 139,815 borrowed amounts ranging from $150,000 to $10 million.
“PPP has been amazingly helpful and a lot of small business owners have been very grateful for it,” said Gordon Denlinger, Pennsylvania state director of the Small Business Association (NFIB).
The data only identifies businesses that borrowed more than $150,000. Businesses that borrowed less, which make up 85 percent of loan recipients, were kept anonymous.
Loans have been accessible to small businesses, according to Denlinger.
“We hear from business owners that they’re generally satisfied with the relief received and that it is meeting their needs,” he said.
As of July 6, the program had handed out $521 billion to nearly 5 million businesses nationwide.
However those funds were originally intended only to carry businesses through a short shutdown phase.
“The problem is the length of this crisis, quite frankly,” Denlinger said.
With COVID-19 cases rising across the country, many states are reimposing shutdowns. Another extended period without income could sink many businesses already struggling to stay afloat.
“We might need Congress to step up to the plate again and provide more help,” Denlinger said.
Leaders in both the House and Senate are considering a fifth coronavirus relief bill.