Newly released data provides the most detailed accounting to date of pandemic aid provided to 5.2 million businesses that applied for forgivable loans. The rule states that certain owner-employees with less than five percent ownership interest are not subject to the PPP owner-employee compensation rule that limits loan forgiveness for homeowner's compensation. The Treasury Department released updated data for its Paycheck Protection Program (PPP), a loan program designed to help small businesses struggling to keep their doors open during the coronavirus pandemic. Low-interest loans can be forgiven if companies meet certain conditions, such as retaining or rehiring employees and maintaining wage levels.
Search for more than 11 million loans approved by lenders and disclosed by the Small Business Administration. At first it became clear that some larger and well-resourced companies were applying for the loans, and that some better-connected companies had advantages, such as easier access to banks. At the top of the list of large borrowers are the types of companies most affected during the pandemic. The law offices on the list include several large and prominent firms that qualify as small businesses by their number of employees, but that may have partners who earn millions per year.
The National Federation of Independent Business Small Business Optimism Index rose 0.4 points in July to 89.9, but it was still well below its historical average of 98.This directory is comprised of all companies that have received loans under the Paycheck Protection Program according to data provided by the Restaurants, car dealerships and lawyers in the U. were among the companies that borrowed the most from a federal program to save jobs from I work during the pandemic.