ICYMI: WaPo: New Report Shows Paycheck Protection Program “Largely Missed The Neediest Businesses"

ICYMI: Washington Post: New Report Shows Paycheck Protection Program “Largely Missed The Neediest Businesses”

Senator Tillis Pushed PPP, But NC Small Businesses Have Only Received 2.5% of Funding

Raleigh, N.C. -- As North Carolina reports another record week of jobless claims, the Washington Post reports that a new S&P Global analysis finds the Paycheck Protection Program “largely missed the neediest businesses” it aimed to save:

The S&P findings come on the heels of a report released by Piedmont Rising earlier this month showing that North Carolina has only received 2.5 percent of the nearly $189 billion lent through the PPP.

Washington Post: The Finance 202: The Fed has bracing news for anyone expecting a sharp economic rebound

As job losses pile up, the Paycheck Protection Program, a cornerstone of the federal relief effort, largely missed the neediest businesses it aimed to save with its first round, a new report from S&P Global finds. Per the study, 63 percent of the PPP’s initial $350 billion in forgivable loans went to sectors less affected by the shutdowns. The loans also skewed toward larger businesses, meaning there were fewer to go around.

“The industries that were hit so hard are still feeling the pain,” S&P Global chief U.S. economist Beth Ann Bovino tells me.

Read the full story here.

###

About Piedmont Rising

Piedmont Rising is a 501 (c)4 issue advocacy organization built by and for North Carolinians to advocate for lower insurance premiums and prescription drug costs and to ensure that more people have access to safe and affordable health care. Through grassroots organizing, education, and engagement, we are amplifying our health care stories and holding our elected officials accountable to the people, and issues they were elected to represent. www.piedmontrising.org