The food and accommodation sector was among the hardest-hit by the coronavirus pandemic, and one motivation for the rapid approval of the roughly $650 billion program of forgivable loans was fear that staple companies like the corner pizza joint would be forced out of business without assistance.
According to the 2017 Statistics of U.S. Businesses, the most recent available from the U.S. Census, companies in that industry accounted for just over 14% of employment among firms with 500 or fewer workers - the general cutoff for PPP loans. Retail companies, another sector hard-hit by social distancing and other measures imposed to control the spread of the virus, followed a similar pattern - receiving 7.7% or PPP loans compared to providing more than 9% of small business employment and under 7% of small business payrolls.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Ireland Ireland Latest News, Ireland Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Health-care industry was top recipient of PPP loans, data showThe health-care industry was the top recipient of loans under the Paycheck Protection Program through the end of June, the Trump administration said Monday, as it released the names of more than 650,000 businesses that got funds under the small-business lending program.
Source: MarketWatch - 🏆 3. / 97 Read more »
Health-care industry was top recipient of PPP loans, data showThe health-care industry was the top recipient of loans under the Paycheck Protection Program through the end of June, the Trump administration said Monday, as it released the names of more than 650,000 businesses that got funds under the small-business lending program.
Source: MarketWatch - 🏆 3. / 97 Read more »
Trump administration releases list of companies that received most money from small business bailout loansThe Paycheck Protection Program was set up as part of the CARES Act relief law to help companies retain employees during coronavirus lockdowns. Mitch McStealing wife Transportation Secretary Elaine Chao's family's business, Foremost Maritime Company, got a loan valued between $350,000 and $1 million. That federal money Buy OTM short dated calls on their own company to drive it higher then take out loans on their holdings to avoid any tax. Duh Buy back stocks
Source: CNBC - 🏆 12. / 72 Read more »