TAMPA BAY, Fla (WFLA) — Paycheck Protection Program loans have saved the livelihood of thousands of employers and workers across the country and Tampa Bay business owners have been no exception.
Newly-released data from the U.S. Small Business Administration and the Treasury Department shows how more than $521 billion in federal relief funds have been dispersed among nearly 5 million businesses.
Data was not released for loans under $150,000, which makes up 86 percent of those received.
Information released includes business name, demographics data, lender name and number of jobs along with the following loan amount ranges:
- $350,000-1 million
- $1-2 million
- $2-5 million
- $5-10 million
Florida had the highest loan approval rate at 96%. More than 393,000 loans were given to businesses in the state totaling more than $32 billion until June 30— among the highest amounts in the country behind New York, California and Texas.
More than 7,000 loans went to businesses in the Tampa Bay area.
According to a press release, the average loan size is approximately $100,000 and more than $131 billion in loan funds remain while businesses continue to reopen and try to recoup lost revenue.
“The PPP is providing much-needed relief to millions of American small businesses, supporting more than 51 million jobs and over 80 percent of all small business employees, who are the drivers of economic growth in our country,” said Secretary Steven T. Mnuchin.
LATEST ON THE CORONAVIRUS PANDEMIC:
- International flyers may soon need to get virus vaccinations
- Disney suspends all cruises though Jan. 31
- Here’s why it’s crucial to quarantine for 14 days after COVID-19 exposure
- Florida remains business-as-usual while virus surge creates new wave of restrictions nationwide
- Pinellas County residents staying on alert amid pandemic as Thanksgiving nears