Earlier this year, in response to catastrophic job losses caused by the onset of the coronavirus pandemic and the resulting dire need for economic help, the federal government issued more than $500 billion in forgivable PPP loans, a program that was approved by Congress as part of the $2 trillion CARES Act.
The federal government released detailed information this week regarding the program after it was sued by 11 news organizations, NBC News among them. The New York Times called the data “the first full accounting of how federal money was spent through the program.”
The Paycheck Protection Program came under fire in the spring when it was discovered that some large corporations had received loans, businesses like the Shake Shack and Nathan’s Famous restaurant chains (both of which returned their loans), as well as religious organizations, which, in their defense, employed thousands of teachers.
While the PPP money is technically a loan, “Paycheck Protection Program (PPP) borrowers may be eligible for loan forgiveness if the funds were used for eligible payroll costs, payments on business mortgage interest payments, rent or utilities during either the 8- or 24-week period after disbursement,” according to the Small Business Administration.
The data released this week includes specific details on who, exactly, got the money, how much they got, and how many employees were expected to benefit from the loans. It also included locations, making it easy to break down locally.
