As Americans Avoided Restaurants And Doctors' Offices, Those Businesses Got Loans

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Debt & Equity FeaturedNYC neighborhoods that received the most PPP loan money by REW

Instead, 73 percent of the money went to 6,438 businesses that received more than $150,000, including 53 businesses across the state that collected loans between $5 and $10 million.

Meanwhile, SBA and Treasury officials said they provided access to the full data to congressional committees that have demanded it. It did not include names of those companies. Included is the number of jobs that were reported as being retained for each place of business.

Still, the data that were released revealed a number of controversial and possibly problematic loans given out by the administration, which will likely result in critics questioning whether a conflict of interest exists in some of the PPP funds given out.

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Similar to the jobs retained ranking above, the top 5 zip codes ranked by PPP loans received all fell in the Midtown Manhattan area, while Long Island City (11101) and Dumbo and Brooklyn Heights (11201) being some of the outer borough zip codes receiving the most PPP loans.

Restaurants, car-dealers and lawyers were among the businesses that borrowed the most from a federal program to save jobs during the pandemic.

Justice, a billionaire, acknowledged last week that his private companies received money from the program but said he did not know specific dollar amounts.

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The group, known for its anti-tax, anti-spending views, said it had not opposed the Paycheck Protection Program, "viewing it as compensation for a government taking during the shutdown". Of the 81,315 loans approved to Maryland businesses and nonprofits, more than 68,0000 were small loan recipients of less than $150,000.

Waterville Valley Holdings, an investment group led by the family of Sununu, a Republican, got a loan of between $350,000 and $1 million.

The SBA noted Monday that while it did not initially require borrowers to submit demographic information, it intends to collect that data on forms those businesses must submit to have their loans forgiven. For loans over $150,000, the bank made 116 followed by Columbia State Bank, which made 52.

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Nearly 3.3 million loans, or 67% of the total, were for amounts of $50,000 or less, data released by SBA and Treasury as of June 30 show.

Although a variety of hard-hit industries from health care to hospitality were able to benefit from the funding, Media Matters received a higher-than-average loan, with the average being $100,000, according to Mnuchin. At least six Justice family businesses were approved for loans, including The Greenbrier Sporting Club, an exclusive club attached to a lavish resort that Justice owns called The Greenbrier.

Demand was so great that a first infusion of $349 billion ran out in just two weeks.

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The PPP was originally set to expire on June 30, 2020 thereby closing the door to borrowers to obtain forgivable loans from the over $130 billion in remaining funds. Proposals to repurpose the funds for small businesses that still need aid are expected to be debated in negotiations for an additional round of stimulus later this month.

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