Manufacturing Companies Received $54 Billion in PPP Loans
More than 229,500 companies in the manufacturing sector received Payroll Protection Program (PPP) loans, totaling $54 billion, or 10.36% of the total $521 billion spent to date, according to the U.S. Small Business Administration and the U.S. Department of the Treasury.
“The PPP is providing much-needed relief to millions of American small businesses, supporting more than 51 million jobs and over 80% of all small business employees, who are the drivers of economic growth in our country,” said Secretary Steven T. Mnuchin. “[The] release of loan data strikes the appropriate balance of providing the American people with transparency, while protecting sensitive payroll and personal income information of small businesses, sole proprietors and independent contractors.”
The PPP report was published July 6 by the Treasury Department and outlines the amount spent through the program by lender size, amount of money in the loan and industry. According to the report, $131 billion in funding remains for money allocated to the PPP.