Loan Details Posted for Paycheck Protection Program
The healthcare industry, “professional, scientific and technical services” industry, construction, manufacturing, accommodation and food services, and retail are the largest industries benefiting from PPP loans. Together, these industries account for $ 344 billion in loans, or about two-thirds of the funds.
Businesses in agriculture, forestry, fishing and hunting combine to account for more than 139,000 loans for $ 7.9 billion, or about 1.5% of the total loan amount up to the end of June.
The searchable database lists the names of 660,000 businesses that received at least $ 150,000 in loans under the program. About 900 companies in the “agriculture, forestry, fishing and hunting” sectors are listed as benefiting from loans ranging from 1 to 10 million dollars. This includes 545 businesses identified as agricultural or fishing operations.
The database shows that more than 30 ethanol companies have received loans of at least $ 150,000 under the program, along with more than 80 other renewable energy companies.
Several large dairy processors across the country have received loans in the range of $ 5 to $ 10 million. Almost 60 listed companies in the dairy industry from across the country have been listed and received at least $ 1 million in PPP loans. Dozens of agricultural cooperatives have also been listed.
Broken down by state, California companies received $ 68.2 billion in loans, the highest in the country, followed by Texas with $ 41 billion, New York with $ 38.3 billion and Florida with $ 32 billion. dollars with the most PPP loans.
Businesses such as farms apply for PPP loans through their bank, credit union or farm credit lender. The SBA has 5,461 approved SBA lenders, including 54 farm credit associations.
SBA has the option, under PPP loans, to cancel all or part of the loan if it is used for staff costs, mortgage interest, rent, and utilities. At least 60% of any amount remitted must have been used for payroll.
The loans have an interest rate of 1% and any loan approved after June 5 has a maturity date of five years. Loan payments can also be deferred for six months.
For more information on PPP loans, please see https: //www.sba.gov / ….
Chris Clayton can be reached at [email protected]
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