Data in the below tracker are provided as of 5/31/2021. According to this data, from the Small Business Administration, 18,177 Massachusetts small businesses received PPP loans, which the companies claim retained 738,613 jobs. If someone suggests otherwise, their confidence is likely virtual. This defendant is alleged to have obtained a PPP loan of $1,246,565 for his own company, and allegedly purchased over $104,000 in luxury goods using the loan CWH10+E8C2^0 j Loan and Guaranty Centers; Open government. As was the case after the first round of the Paycheck Protection Program last summer, the states top recipients so far include restaurants, doctors and dentists offices, legal practices, construction companies, car dealers, hotels and religious organizations. Recipients of the PPP loans can qualify to have their debt forgiven if within 8 or 24 weeks they use at least 60% of the funds for payroll costs, with the rest eligible to be spent on eligible business mortgage interest payments, business rent or lease payments, and business utility payments. This program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Rain and snow this evening, becoming all snow overnight. As long as the businesses receiving loans spend at least 60 percent of the loan amount on payroll expenses and the remainder on qualified business operations expenses, the loan is forgivable. Roughly 92% of the federal loans were forgiven by the government. Here's how to check all of the data. State Loan Count; AK - Alaska: 1652: AL - Alabama: 7872: AR - Arkansas Loan Size for 2021 PPP 6 Loan Size Loan Count Net Dollars % of Count % of Amount * Overall average loan size is: $42K. May 9, 2021 | File size: 616KB | Download .pdf for 12 / May 9, 2021 . Businesses had to use the loans for up to 10 weeks of payroll costs, capped at $100,000 per worker per year, and keep wages close to pre-crisis levels during the two to six months after receiving the loan. We believe that an informed Mississippi is a better Mississippi. "I haven't heard anyone that got that PPP money regretting it or losing clients because of it," said Zachary Milam, a vice president at Mercer Capital, a valuation and consulting firm for financial advisors based in Memphis. Approvals through 05/31/2021. endstream endobj 2355 0 obj <>stream "There was too much opportunity for reputational risk.". The data contains all original variables and new variables added with minimally, consistently, and confidently normalized character strings. Some other eligible costs for the remaining 40 percent are business mortgage interest, utilities, and rent or lease payments. a proud member of the All data have been sourced from the SBA, which provides program information for the PPP here. There was a problem saving your notification. The Small Business Administration's Paycheck Protection Program loans reached a far more diverse set of business owners in 2021 than it had in 2020. Rain and snow this evening, becoming all snow overnight. It Got a PPP Loan. ), are considering how best to use the remaining funds to help small businesses as they begin to reopen. A total of 4,318 lenders have disbursed PPP loan funds. Loan recipients could also use the money to pay business mortgage interest payments, rent, utilities, paid medical leave, insurance costs, and state and local taxes. *!MB8AFMFH 2 Earlier rounds of PPP funds went disproportionately to larger firms, which meant that some truly small businesses struggled more. Time will tell, Creative Commons Attribution-NoDerivatives 4.0 International License, Proudly powered by Newspack by Automattic. The SBA previously released records related to loans of more than $150,000 but withheld specific amounts and reported the amounts in ranges. "And you make sure you document it.". Details on recipients of the Paycheck Protection Program are searchable on The Workshops Accountability Project. Warning: This graphic requires JavaScript. We also have compiled state-by-state files for download. The loan data also include demographics of the borrowers, although most businesses left those fields blank. If you share our stories on social media, please tag us in your posts using. Want Additional Funding Help? It cited payment of salaries to employees performing advisory functions and any questions over a firm's ability to meet its contractual commitments to clients as items the firm would need to disclose to regulators on their registration form with the Wall Street regulator. Notice: The Paycheck Protection Program (PPP) ended on May 31, 2021. He added though that hes not optimistic that grants directed to help restaurants will be included in the next round of federal stimulus so getting more PPP loans would be the best alternative. 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With your help, we've gotten a lot done but we're not finished yet! Other loan programs, such as Economic Injury Disaster Loans, are not included in this database. Editing by Armand Emamdjomeh. Areas with a minority population greater than 50 percent. That's why we published PPP loan data. latest report May 31, 2021 About this document and download. The data contains all original variables and new variables added with minimally, consistently, and confidently normalized character strings. Ohio: Ohio has received over 130,000 PPP loans, totaling over $6 billion. Chance of precip 100%.. Republish our articles for free, online or in print, under a Creative Commons license. 03wu),)"[2{t 0 L6 The Post's database has now been updated with data through June 2021. PPP - Loan Forgiveness Application and Instructions for Borrowers who Received a PPP Loan of $150,000 or Less - Form 3508S (7/30/2021) PPP - Loan Forgiveness Application and Instructions - Form 3508EZ (7/30/2021) PPP - Loan Forgiveness Application and Instructions - Form 3508 (7/30/2021) More than 3,500 state businesses got loans worth more than $1 million, while 103 businesses and other entities took out PPP loans worth exactly $150,000. We do not sell or share your information with anyone. The release comes as Congress is debating whether to pass another round of federal stimulus and whether that would mean another round of the Paycheck Protection Program. Paycheck Protection Program (PPP): Wage Payments to Employees (See chart in C.1 for PPP loan forgiveness to business owners and self-employed) CARES Act, CAA and ARPA: Employees may benefit from their employer's PPP participation by receiving normal wage payments, paid time off or other leave, and continued health related benefits. The SBA states that the PPP program is designed to help small businesses keep workers on payroll. For borrowers to be eligible for a PPP loan, in addition to satisfying other requirements, they must not have any current federal . The Problem: This couple used fraudulently obtained PPP and EIDL funds to pad and flaunt a luxury lifestyle. The program caps forgiveness for salaries at $100,000 per employee, more than twice the states median household income. He also ruled that the privacy concerns of borrowers wishing to remain anonymous were outweighed by the public interest in discovering fraud, waste or abuse of taxpayer money, noting that the Justice Department had charged more than 50 people with fraudulently obtaining PPP loans that resulted in at least $80 million in losses. Another round of PPP funds is needed because with the resurgence of COVID-19, businesses are seeing revenue fall again. Jonathan O'Connell is a reporter focused on business investigations and corporate accountability. Previous ppp loan recipients who returned all or part of their original loan and want to apply for additional funding. They weren't expressly aimed at helping independent advisors deal with the sharp market downturn that materialized as the pandemic unfolded. Winds WSW at 10 to 15 mph. In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. 743 0 obj <> endobj By clicking submit, you agree to share your email address with Mississippi Today. Paycheck Protection Program Loan Recipients on the Department of Treasury's Do Not Pay List REPORT 21-06| January 11, 2021 N S P E C T O R G E N E R A L M A N A G E M E N T A L E MEMORANDUMOfficeofBusinessInspectorAdministrationGeneral Date:Jovita Carranza 11, 2021 TO: FROM:Administrator l "Mike" Ware /S/ SUBJECT: Any web site our stories appear on must include a contact for your organization. Questions remain about how the program has affected jobs, especially because of the incomplete and sometimes confusing aspects of the data. Georgia: Georgia has received over 120,000 PPP loans, totaling over $7 billion. ~3,=PttIg'La`v 8 -; $9 @Z.jQ TVC Yet that rate varies greatly; J&W Transport LLC, a trucking company in Jackson, received a loan . In Mississippi, nearly all 96% of loans were directed towards payrolls. [More than half of small-business loans went to larger businesses, new SBA data shows]. The experts weigh in. A blanket approval allows Congress, SBA officials, their families and others to receive small business loan funds without standard ethics review. Copyright 2023 Market Realist. Funded Companies PPP Loan Data. The data about businesses that have received PPP loans is available to the public online. Due to address formatting issues, less than 2% of total addresses could not be geocoded.Erik Reyna, Simon Glenn-Gregg, Jason Holt, Adrin Blanco and Joe Fox contributed to this report. GM[7M'Rj~*1~=8t35&/eon]p!6|N?Iu]p5O`>R)7y40\}#6#:i$Z>(*M07f-HfkO{oD)Id/Ib~RC),RGPv? Nearly 300 public companies have received loans from the program, though some have returned it. He has covered economicdevelopment, commercial real estate and President Donald Trump's business. The map below allows you to explore loans of more than $150,000 and see whether the recipient is located in a majority-minority area. Georgia: Georgia has received over 120,000 PPP loans, totaling over $7 billion. 2020 PPPrecipients.com | Privacy Policy, About This table shows the top 5 industries in Washington by number of loans awarded, with average loan amounts and number of jobs reported. PPP Loan Recipient List By State Pennsylvania 342,351 TOTAL PPP LOANS $30.4B TOTAL LOAN AMOUNT $88,896 AVERAGE PPP LOAN 10 AVG COMPANY SIZE Pennsylvania has a total of 342,351 businesses that received Paycheck Protection Program (PPP) loans from the Small Business Administration. Our SBA database unveils list of 6.6M recipients Enlarge The SBA PPP loan recipient list includes more than 11.7 million loans made in the nearly $800 billion Covid-19 relief program. To republish online, simply click the button, copy the html code and paste into your Content Management System (CMS). Dynasty Financial Partners of St. Petersburg, Florida, a network of advisors overseeing roughly $68 billion, took out more than $1.3 million in 2020 to retain 69 jobs. Some 92% of the loans were forgiven. More than $800 billion in easy-to-get, mostly forgivable loans went to roughly 11 million businesses in 2020 and 2021, a financial lifeline intended to shore up the backbone of the American economy when COVID-19 ground things to a near halt. endstream endobj 2352 0 obj <>/Metadata 53 0 R/OCProperties<>/OCGs[2369 0 R]>>/Outlines 67 0 R/PageLayout/SinglePage/Pages 2349 0 R/StructTreeRoot 89 0 R/Type/Catalog>> endobj 2353 0 obj <>/Font<>/ProcSet[/PDF/Text]/Properties<>>>/Rotate 0/StructParents 0/Tabs/S/Type/Page>> endobj 2354 0 obj <>stream :t|P\*Dk4$/o Bn-p}$>N),ZT1KB(*d .0 Each record represents a loan made from a commercial lending bank to a small business and backed by the federal government. hYO0A+HRO@Z"eAx0)iR% Ohio: Ohio has received over 130,000 PPP loans, totaling over $6 billion. An SBA-backed loan that helps businesses keep their workforce employed during the COVID-19 crisis. 2367 0 obj <>/Filter/FlateDecode/ID[<3B2028F8C2DB1D4FAA241489B789B3A4>]/Index[2351 28]/Info 2350 0 R/Length 82/Prev 270878/Root 2352 0 R/Size 2379/Type/XRef/W[1 2 1]>>stream The Economic Injury Disaster Loan advance funds will be made available within days of a successful application, and this loan advance will not have to be repaid. Detailed below are the total number and value of PPP loans and a resulting analysis, including data on lenders and state recipients. The average company had a total of 10 employees and the average loan amount is $83,156. For the most part, Mississippis recipients were small individual businesses over 80% reported 10 or fewer employees, and only 1% were part of a franchise. FINRA, which oversees brokers and tracks independent advisors, said in January 2021 that it was looking at advisors who took the loans to shore up outside business activities, such as selling private securities or dealing in confidential client information, that were not disclosed to their employers. Out of the roughly 5.13 million loans. PPP Loan Data. 4400 Massachusetts Ave. NW Texas: Texas is another state with a large number of small businesses and has received over 400,000 PPP loans, totaling over $20 billion. In November, U.S. District Court Judge James Boasberg agreed, saying there was significant public interest in shedding light on who got the Paycheck Protection Program loans. 'Abusing'The Journal of Banking & Finance study estimated that more than 6% of the then-$590 million in loans received by 2,999 investment advisory firms registered with the SEC were improper and "abnormally large." Michigan: Michigan has received over 90,000 PPP loans, totaling over $5 billion. He joined The Post in 2010. Still, said Max Schatzow, a co-founder and partner at RIA Lawyers in Ewing, New Jersey, "No one knew where the heck the economy was going, where markets were going, where revenues were going. Alyssa Fowers is a graphics reporter for The Washington Post. Washington has a total of 194,966 businesses that received Paycheck Protection Program (PPP) loans from the Small Business Administration. Yet franchisees in Mississippi from dozens of large national chains came away with millions in loans; 28 of McDonalds locations in Mississippi, for instance, received a combined $14.8 million, despite the chain being a multinational corporation that made $4.7 billion in profit last year. For reprint and licensing requests for this article. In 2019, Alex was a grantee through the Pulitzer Centers Connected Coastlines program, which supported his coverage around the impact of climate change on Mississippi fisheries. Total First & Second Draw Loans. People may receive compensation for some links to products and services on this website. Look for the "Republish This Story" button underneath each story. First Amendment: Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances. Graphics reporter focusing on data visualization and analysis, FRUIT COVE BAPTIST CHURCH OF JACKSONVILLE FL INC, Used motor vehicle parts merchant wholesalers, Explore updated SBA data on businesses that received PPP loans. Two weeks ago, the IRS handed down guidance indicating that business expenses paid using PPP loans cant be used as deductions for tax purposes. The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $659 billion toward job retention and certain other expenses. Asked to comment on its scrutiny, FINRA spokesman William Bagley said Monday, "We can't provide any information about ongoing reviews.". For years, the EPA and Texas ignored warning signs at a chemical storage site. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Find data and reports related to the Paycheck Protection Program (PPP). In 2020, The Washington Post and other media entities brought a lawsuit to require more detailed information about small business loans through the PPP. The fate of Amtraks Gulf Coast return rests with a federal board, They couldve picked Elijah Moore, but Saints drafted Payton Turner. In the decision by D.C. federal courts, Judge Boasberg stated that privacy concerns of borrowers wishing to remain anonymous were outweighed by the public interest in discovering fraud, waste or abuse of taxpayer money, according to The Washington Post.
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