Who Received P.P.P. Rescue Loans?

Who Received P.P.P. Rescue Loans?

DealBook Newsletter

The scooter company Bird says it didn't apply for federal coronavirus aid, even though government data suggested it had.Credit...Robyn Beck/Agence France-Presse “” Getty Images

July 7, 2020Updated 8:01 a.m. ET

Want this delivered to your inbox each morning? Sign up here.

Reading the rundown of rescue loan recipients

We now know the names of many of the businesses that received small-business rescue loans, after a huge data dump yesterday by the Trump administration, which had initially fought to keep the details secret. So far, the system, called the Paycheck Protection Program, has guaranteed 4.9 million forgivable loans worth a combined $521 billion via 5,500 lenders.

The loans helped support more than 50 million jobs, according to the Small Business Administration. The average loan size was $107,000, although borrowers can take out up to $10 million. Not included in the data is the roughly $30 billion in loans that were returned by companies that realized they weren't eligible, worried about meeting the conditions to make the loans forgivable or frightened by the public outcry about big firms getting funds. Only the names of borrowers who took out more than $150,000 were released.

“¢ The loans are forgivable if borrowers use the bulk of the money to