July 10, 2020: A Peek Into the PPP—Who Received a Loan?

Gusto Editors

July 10, 2020

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Who got the biggest PPP loans?

The SBA released a report this week disclosing the names of those who have received Paycheck Protection Program (PPP) loans of at least $150,000, among other details. Some highlights:

  • $521 billion in loans has been distributed to 4.8 million borrowers.
  • The average loan size was $107,000.
  • The SBA says the program is supporting over 50 million jobs.
  • Half the loan money went to five industries: healthcare & social assistance, professional & tech services, construction, manufacturing, and hospitality & food service.
  • Lenders were mostly banks (which distributed $497 billion in loans), followed by credit unions ($9.7 billion), small businesses lending companies ($6.6 billion), and finally, fintech ($4.7 billion).

Many remain concerned that loans were distributed on a first-come-first-served basis rather than based on need. In response, several members of Congress are advocating that the remaining funds be disbursed in a more targeted and effective way; and some are proposing that struggling businesses be eligible for a second PPP loan.

It’s Tax Season! 

The time has come—after a 90-day delay, it’s finally time to file.

Ready to reap the benefits of tax write-offs? Check out these tax deduction guides for:

Right now, you’re likely laser-focused on getting your 2019 taxes in before the deadline—but before you know it, you’ll be filing again. Remember: COVID-19 relief programs may have tax implications for next year, so take some time to understand how the PPP, EIDL, remote work, and unemployment benefits may affect how you file next year

Top relief options for the week:

Webinars to tune into:

On our radar:

Want more small business news and resources? Check out past editions in our archive.

Gusto Editors Gusto Editors, contributing authors on Gusto, provide actionable tips and expert advice on HR and payroll for successful business management.
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