Breakdown of PPP loan funding impacts on Kentucky businesses
LEXINGTON, Ky. (WKYT) - The COVID-19 virus is continuing to infect people as well as businesses.
The symptoms for those owners are financial strain and layoffs.
But, federal government officials have credited a kind of treatment in the Paycheck Protection Program with saving millions of jobs with the $660 billion worth of loans.
Though, how much of that money impacted Kentucky businesses?
According to data released by the U.S. Small Business Association, at least 48,370 Kentucky businesses received PPP loans.
However, 73 percent of the money went to just 13 percent of those businesses.
In fact, 53 businesses across the state were awarded loans between $5 million and $10 million.
In Lexington, that includes S&S Firestone, Blue Diamond Mining, Rhino Energy, Ramaco Resources, and the Roman Catholic Diocese of Lexington.
There were 22 businesses in Lexington that collected loans between $2 million and $5 million. Some of those are Ball Homes, Paul Miller Ford, and Transylvania University.
The original intent of the PPP loan program was to help keep small businesses alive during the pandemic. It's a 1 percent interest loan that is forgiven if a portion of the money is used to prevent cutting salaries and laying off employees.
But, the SBA did not release the names of businesses who received loans for less than $150,000, making it nearly impossible to know which small businesses were actually helped.
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