The U.S. Small Business Administration and Treasury Department this week released the names of Paycheck Protection Program loan recipient businesses and nonprofits that received $150,000 or more.
The Small Business Administration (SBA) and the Treasury on Monday made public the disclosures covering all 4.9 million PPP loans made under the federal Coronavirus Aid, Relief and Economic Security (CARES) Act.
The Business Journal distilled the loan data down to the West Michigan recipients — businesses in Kent, Ottawa, Muskegon and Allegan counties — in the Datawrapper chart below.
SBA Great Lakes Regional Administrator Rob Scott, whose region covers Illinois, Indiana, Michigan, Minnesota, Ohio and Wisconsin, said more than 726,000 small businesses in the Great Lakes Region were approved for more than $87 billion in PPP funds (see additional chart below).
He added the SBA on Monday resumed accepting PPP loan applications and will through Aug. 8, per the PPP Extension Act. About $131 billion remains available.
“While the pandemic has greatly impacted our economy, in the true spirit of entrepreneurship, small businesses have shown they are resilient and stronger,” Scott said. “With the Paycheck Protection Program Extension Act, they now have an additional month to apply for and benefit from this forgivable loan program, giving them the financial relief they need to weather the pandemic and their employees some additional peace of mind that they will continue to get paid.”
The SBA and Treasury disclosures include loan-level data, including business names, addresses, ZIP codes, business type, demographic data, nonprofit information, name of lender, jobs supported and loan amounts from $150,000 to $10 million.
The $150,000 and above categories account for nearly 75% of the loan dollars approved.
For all loans below $150,000, SBA is releasing all of the above information except for business names and addresses “due to privacy reasons.”
“The SBA strove to strike the appropriate balance of providing public transparency while protecting the payroll and personal income information of small businesses, sole proprietors and independent contractors,” said a spokeswoman for the SBA’s Great Lakes Region. “The PPP loans are based on payroll, and if few people are working at a small business, or it is a solopreneur, the salaries would be able to be determined easily.”
Great Lakes Region state and total PPP loan data is below, showing more than 726,000 small businesses and nonprofits in six states have been approved for PPP loans. This is an increase of more than 11,000 over the June 27 approvals for the region.
Below is a chart made using Datawrapper that shows four key data points from the SBA and Treasury loan data for Kent, Ottawa, Muskegon and Allegan counties.
Small businesses or nonprofits listed have been approved for a PPP loan by a delegated lender. However, the lender’s approval does not reflect a determination by SBA that the borrower is eligible for a PPP loan or entitled to loan forgiveness. All PPP loans are subject to SBA review and all loans over $2 million will automatically be reviewed.
The public PPP data includes only active loans. Loans that were canceled for any reason are not included in the public data release.