Featured News - Current News - Archived News - News Categories

Metro Creative
Metro Creative

PPP provides crucial lifeline to Western New York small businesses, nonprofits affected by pandemic

Submitted

Wed, Jul 8th 2020 11:55 am

SBA PPP information highlights unprecedented federal relief efforts to support economy, state

By the U.S. Small Business Administration

The U.S. Small Business Administration Atlantic Region’s Paycheck Protection Program loan data for New York congressional districts 23 through 27 highlights the success of unprecedented federal relief to New York’s small businesses. Approximately $38.35 billion in initial approved amounts came through many of SBA PPP-participating lenders to 323,903 small businesses and nonprofits across the Empire State.

“Western New York small businesses faired very well in the PPP and the numbers bear that out. Small businesses and nonprofits in the six congressional districts that encompass the 34-county SBA Syracuse district office coverage area,” said SBA Regional Administrator Steve Bulger, who oversees the federal agency’s operations throughout the Atlantic Region, which includes New York, New Jersey, Puerto Rico and the U.S. Virgin Islands, and the Mid-Atlantic Region. “Although COVID-19 has impacted our local, regional, state and national economies, the data proves that the PPP is serving the needs of our small business community, local downtowns and keeping paychecks coming to workers despite announced quarantines, local shutdown orders or re-opening phases.”

This analysis comes following the issuance of the PPP’s data in keeping with the promise made to American taxpayers by the SBA and Treasury Department.

Data was released this week for PPP loans of $150,000 and more as well as those under $150,000. The larger loan-level data includes business names, addresses, NAICS codes, ZIP codes, business type, demographic data, nonprofit information, name of lender, jobs supported, and loan amount ranges as follows:

$150,000-350,000

$350,000-1 million

$1-2 million

$2-5 million

$5-10 million

These categories account for nearly 75% of the loan dollars approved.

For loans under $150,000, SBA released the above information except for business names and addresses. It also provided exact amounts for loans for loans in this size range. Specific names of borrowers were redacted for privacy and personal identifiable information (PII) reasons. PPP loans are based on payroll; if only a few people work at an identified small business, nonprofit or sole proprietor, releasing the name of the entity could expose an employee’s income.

Also released was the latest PPP report detailing information about dollars lent per state, loan amounts, top lenders, and distribution by industry. The loans have reached diverse communities proportionally, across all income levels and demographics.

“The SBA Buffalo district office has been on the ground working with small businesses and nonprofits from day 1 of the COVID-19 disaster, providing guidance, insight and instruction to small business owners and nonprofits. Working with SBA resource partners, elected officials on the federal, state and municipal levels, and by partnering with chambers of commerce and community groups, we have helped Western New York entrepreneurs take advantage of the protections the largest economic stimulus package in world history offered to them. And even when the PPP ends on Aug. 8, 2020, we will continue to help lead our small businesses towards recovery,” SBA Buffalo District Director Franklin J. Sciortino said.

This is the first Western New York accounting of the program by congressional district as the PPP continues. The SBA’s Paycheck Protection Program is now extended until 11:59 p.m. ET Aug. 8, 2020, per President Donald Trump signing the Paycheck Protection Program Extension Act into law over the weekend. PPP-participating lenders have about a month to submit PPP loans to the SBA to receive the federal guarantee.

comments powered by Disqus

Hometown News

View All News