SBA Reveals Full List of PPP Loan Recipients; See the list of all businesses in the Valley benefiting from loans | Coronavirus

HARRISBURG – Data released Tuesday by the Small Business Administration shows that businesses and groups in Pennsylvania have shared $ 5 billion in loans under $ 150,000, provided through the federal paycheck protection program.

The program provided these loans to 146,000 businesses in Pennsylvania, an average of just under $ 35,000 per business. Previously, the SBA announced that $ 15 billion in loans worth more than $ 150,000 had been granted to 26,000 companies, an average of $ 577,000.

The SBA initially refused to disclose the names of companies with loans under $ 150,000. The Associated Press and other news outlets have filed a lawsuit requiring him to disclose the names of the companies that received the smallest loan amounts. In November, US District Court Judge James Boasberg agreed, saying there was “significant public interest in shedding light” on who got the paycheck protection program loans.

The publication comes as Congress considers whether to pass another round of federal stimulus and whether that would mean another round of the paycheck protection program.

Executives of statewide business groups have said they believe the first round of PPP loans is vitally important in helping businesses survive the pandemic economic downturn and said a another round of loans is needed now.

“It was literally the lifeline that kept thousands of businesses afloat,” said Gordon Denlinger, state director of the Pennsylvania National Federation of Independent Businesses.

Another round of PPP funds is needed because “with the resurgence of COVID-19, businesses are seeing their revenues plummet again. It’s a make or break time for a lot of them, ”he said.

Just over 25% of businesses that took loans under $ 150,000 in Pennsylvania did not list any amount or provide a response as to how many jobs the loans were supposed to help save. About 72% of loans under $ 150,000 went to companies who said the loans saved 25 jobs or less. A total of 30,100 businesses indicated that the loan saves a job.

Over 3,500 state-owned enterprises have obtained loans worth over $ 1 million, while 103 enterprises and other entities have taken out PPP loans worth exactly $ 150,000.

The PPP loans have helped struggling independent restaurants, as well as regional chains affiliated with national brands, said John Longstreet, president and CEO of the Pennsylvania Restaurant and Lodging Association.

“We have had many restaurants that have taken advantage of it,” Longstreet said. The hospitality industry would prefer the federal government to give them targeted subsidies, similar to those given to the airline industry, Longstreet said.

He added, however, that he was not optimistic that grants to help restaurants would be included in the next round of federal stimulus. Therefore, getting more PPP loans would be the best alternative.

Denlinger said the federal government should also reverse a new IRS ruling that will likely mean businesses that have taken out PPP loans could have a nasty surprise when they do their taxes.

Two weeks ago, the IRS issued guidelines stating that business expenses paid using P3 loans cannot be used as tax deductions.

The move “will have a fiscal impact” for many companies that have taken out PPP loans, he said. Business groups have been pushing for Congress to quickly pass legislation to reverse the IRS guidelines, he said. At this point, there is no clear indication that Congress is going to act, Denlinger said.

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