Virus Aid Reached More Small Firms in Last Weeks, New Data Show
- PPP closed on Aug. 8 as lawmakers negotiate another round
- Officials pushed to get disadvantaged firms to tap the program
This article is for subscribers only.
The Trump administration released new details on the biggest coronavirus-relief initiative Friday night that show more than 98% of loans approved after July 6 were for less than $150,000 -- suggesting the program was reaching smaller businesses before it closed earlier this month.
The Paycheck Protection Program had been criticized for not being quick enough in serving independent contractors, truly small firms and minority-owned companies. The new data show that most loan approvals in July and August were for personal-services firms, general freight and trucking companies and beauty salons.