The claim:"Wisconsin small businesses are getting $0 while big corps are getting bailouts"
As of early May, almost one in three small businesses reported closing their doors temporarily, and nearly one-fourth said they were within two months or less of closing permanently, according to aThe government’s primary response has been the Paycheck Protection Program, which distributed billions in forgivable loans for small businesses to use for primarily payroll, but also mortgages, rent and utilities.
criticizes the PPP’s impact in Wisconsin. A video discusses in general terms how small businesses are struggling, but the headline makes a much more specific claim. “Under Trump, Wisconsin small businesses are getting $0 while big corps are getting bailouts,” the headline says.We found no factual problems with the 15-second video, but the headline gets it wrong.The program
The PPP was intended as a lifeline to weather the economic fallout of the coronavirus pandemic, but funds disappeared quickly. The first pool of nearly $350 billion was exhausted April 16, with 80% of applicants unable to get funding, the
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It’s false to claim Wisconsin small businesses are getting $0 when the PPP program has paid out $9.8 billion to tens of thousands of businesses in the state.
The headline claims no small businesses in Wisconsin have received funds. That’s false, Wisconsin businesses had been approved for 78,490 loans for a total of $9.8 billion, according to the SBA. That’s an average of about $125,000 per business.
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