SBA Releases PPP Loan Data
The U.S. Small Business Administration released names of businesses receiving loans under the Paycheck Protection Program (PPP) that exceeded $150,000. Treasury Secretary Steven Mnuchin said in a statement the "loan data strikes the appropriate balance of providing the American people with transparency, while protecting sensitive payroll and personal income information of small businesses.” There were 54 Connecticut heating fuel companies receiving more than $150,000. Only ranges of dollars received were shown, rather than actual amounts. The range of dollars totaled about $45 million for these 54 companies, and they reported that the money was used to fund payroll for 2,012 of their employees. Aggregate figures were also reported for Connecticut companies receiving less than $150,000. The report shows 96 Connecticut heating fuel companies received these smaller loan amounts, totaling about $4 million, and protecting 411 jobs. While the media has tried to stir up controversy about large corporations receiving PPP loans, these data from Connecticut show that the program in fact was successful in protecting jobs for smaller companies in our industry.