IS Firms and Nonprofits Get Millions in Paycheck Protection Loans

STATEN ISLAND, NY – Local businesses and nonprofits have secured millions of dollars in paycheck protection loans to help with lost earnings from the coronavirus, according to data released Monday by the federal government.

Across the country, more than 650,000 organizations have received money from the $ 659 billion payroll protection program, launched on April 3, according to data released by the US Small Business Administration.

On Staten Island, the SBA has granted 5,554 loans worth well over $ 150,000,000 since the passage of the PPP under the CARES (Coronavirus Aid, Relief, and Economic Security) Act, which President Trump enacted on March 27.

According to the data, the loans have helped protect at least 44,889 jobs on Staten Island.

Treasury Department Secretary Steve Mnuchin said the average loan for the program was 100,000 and 27% of loans went to “low and moderate income communities,” which is proportional to the population of these regions.

SBA administrator Jovita Carranza linked Monday’s data to information released last week by the United States Bureau of Labor which showed the country’s economy created 4.8 million jobs in June. .

“The PPP is a clear success for small businesses, especially for communities where these employers are the main job creators,” Carranza said.

“In three months, this administration was able to act quickly to put funds in the hands of those who faced enormous obstacles as a result of the pandemic. Today’s data shows that small businesses of all types and in all industries have benefited from this unprecedented program, ”she continued.

Loans to Staten Island ranged from $ 166 to $ 10 million, according to SBA data.

Companies that received less than $ 150,000 had their identity protected in spreadsheets released by the SBA, and the exact amount that companies received above $ 150,000 was not available.

Companies receiving more than $ 150,000 had their names listed with a range indicating the value of their loans.

On Staten Island, 335 businesses received loans between $ 150,000 and $ 350,000, 177 received loans between $ 350,000 and $ 1 million, 44 received loans between $ 1 million and $ 2 million, 26 received between $ 2 million and $ 5 million and three received between $ 5 and $ 10 million.

“Today’s release of Loan Data strikes the appropriate balance between transparency and protecting the American people, while protecting the sensitive payroll and personal income information of small businesses, sole proprietors and individuals. independent contractors, ”Mnuchin said.

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