The U.S. Department of the Treasury and the Small Business Administration (SBA) released data this week serving as a transparency update regarding the distribution of loans under the congressionally authorized Paycheck Protection Program (PPP) passed in April.
Based on the information cited by the Daily Caller, roughly 51 million small-business jobs nationwide were sustained as a result of the nearly 5 million loans allocated between the launch of the program and the end of June.
The PPP was established as a means of funding small businesses and their payroll expenses through coronavirus-related economic shutdowns.
In a joint press release published on Monday, the Treasury Department and SBA touted the impact of these loans.
“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,” asserted Treasury Secretary Steve Mnuchin.
He went on to say that the Trump administration is “particularly pleased” that a proportional percentage of the loans have gone to low- and moderate-income communities, noting that the “average loan size is approximately $100,000, demonstrating that the program is serving the smallest of businesses.”
SBA Administrator Jovita Carranza added her praise for a program she called “an indisputable success for small businesses, especially to the communities in which these employers serve as the main job creators.”
“Small businesses of all types”
Carranza pointed to the quick action of the administration as a contributing factor to the PPP’s success.
“Today’s data shows that small businesses of all types and across all industries benefited from this unprecedented program,” she said.
Additionally, recent unemployment numbers showing about 4.8 million jobs created in June and a drop in the jobless rate “reinforced that PPP is working by keeping employees on payroll and sustaining millions of small businesses through this time,” Carranza added.
The SBA also released a report providing additional PPP details, including the fact that nearly $521.5 billion had been dispersed by more than 5,400 lenders across the nation.
While the White House rightfully touts each new positive jobs report, it appears that PPP and other stimulus programs are working in the background to make such successes possible.