Earlier this week, the federal government released the names of companies that received Paycheck Protection loans of $150,000 or more. The list includes some well-known names, and some you might not have heard of.
The Capital-Star put together this searchable database of every Pennsylvania company that received a payment in excess of $150,000.
As Forbes reports, citing a study by the National Bureau of Economic Research, the pandemic has been brutal for small businesses, wiping 3.3 million small businesses, or 22 percent of them, between February and April. The program was intended to help those small businesses, but many large corporations have also benefited from the program as well.
And “while an analysis by the SBA stated that “low and moderate income areas received PPP loans approximately proportionate to their percentage of the population,” the NBER study showed that the fallout of the pandemic was felt disproportionately by communities of color. Black small businesses were hit the hardest, with 41% closing, whereas 32% of Latinx business owners had to shut down their businesses, the study found,” Forbes reported