The Paycheck Protection Program has aided thousands of businesses in Nevada state. Some 51 million state-wide jobs were boosted by the federal loan program.
The Paycheck Protection Program Helps Multiple Industries
A recent disclosure by the federal government revealed that thousands of businesses and organizations in Nevada have been aided by the Paycheck Protection Program. A minimum of $3.1 billion was received by various businesses including churches, casinos, strip clubs, law firms, and other organizations. Yesterday, the Small Business Administration (SBA) revealed information, including the names of some 660,000 businesses as well as non-profit organizations nationwide, which were recipients of SBA funding. Across the US, those businesses received a minimum of $150,000 as funding since the launch of the program a few months ago.
According to this information, in Nevada alone, an excessive of 5,500 businesses received funding between $1.96 billion and $4.75 billion. The Silver State’s businesses were parts of several different industries such as:
- Entertainment venues like casinos and strip clubs
- Hospitals and health and care organizations
- Law agencies
- Non-profit organizations
- News agencies
- Mining companies
- Churches, schools and many more
Excessive of Half a Million Nevadan’s Jobs Aided by the Federal Loans
The jobs which were supported with the loans in the Nevada are more than 525,000. Records show an excessive of 42,000 businesses in the Silver State receiving aid from the government loans. With that being said, nationally the government loans have supported some 51 million jobs. This makes for some $521 million federal government loans issued under the PPP program.
The loans received by Nevada’s businesses which were above $150,000 were presented as an estimate. In other words, more than 5,500 businesses in the state received federal loans in the range of $1.96 billion and $4.75 billion. Furthermore, some 36,000 businesses received loans under the same PPP program but in an amount less than $150,000. Those businesses received federal loans of some $1.2 billion. Here it’s important to mention that out of the $4.9 billion loans issued under the PPP program, the disclosed numbers by CBA reflected only 15%, says the Washington Post. With that being said, no details were released for the loans of businesses and contractors with amounts under $150,000.
Focusing on some of the biggest loans received by businesses in Nevada we see 25 companies which received loans between $5 million and $10 million. On the other hand, businesses which received loans $2 million-$5 million are 174. Some 432 and 1,615 businesses received loans in the range of $1-$2 million and $350,000-$1 million respectively.
The CARES Act Updated Deadline
The PPP (Paycheck Protection Program) was a part of the CARES Act by the federal government. The act featured some $2 trillion aimed at helping businesses in the US. The purpose was for businesses with less than 500 employees to be aided during the time of COVID-19 pandemic and cushion the impact of the virus. Signed into law back in March, if the businesses used a minimum of 60% from the loan for remuneration purposes, the loan would be forgiven in full.
The law has been met kindly by many small businesses which received hefty funding during the crunch of the COVID-19 period, which may yet to get worse. On the other hand, the CARES Act was also criticized that it would deliver funds to companies, which are already well funded. Last week, the PPP program received an extension of its deadline. The new deadline is now set for August 8 whereas some $130 billion of funds remain to be allocated.