Total loans represent $1B in federal funding supporting more than 128,000 jobs
Baton Rouge, La. (July 7, 2020) – The Baton Rouge Area Chamber (BRAC) today released an analysis of the U.S. Treasury Department’s allocation of Paycheck Protection Program (PPP) loans in the Capital Region. The full analysis is available at brac.org/recovery.
Key findings from the analysis include:
- Over 11,300 total PPP loans, including nearly 1,600 of $150,000 or more, were distributed to businesses in the Capital Region;
- Loans of less than $150,000 to 9,715 businesses represent up to $342 million in potentially forgivable loans and the retention of more than 45,000 jobs;
- Combined with the 1,600 larger loans at the minimum dollar amount for the classified range, $1.02 billion in federal funding was allocated to regional businesses in total, supporting wages for more than 128,000 jobs;
- Demographic reporting on loans of under $150,000 indicate that the region’s minority owned businesses accessed smaller PPP loans at representative rates, with 71% reporting as White, 15% Black, and 11% Asian American;
- For loans of over $150,000, only 12% went to minority owned firms, including 5% to Black-owned firms; and
- Overall 13% of loans went to Black-owned firms.
The application for the PPP has been extended to August 8, the covered period for expenditures has been extended to 24 weeks, and more than $130 billion in funds are still available. As part of BRAC’s pledge to work toward an equitable recovery, the organization will continue to connect Black-owned businesses to banking or credit union partners to assist them with their application for a forgivable PPP loan. Interested business owners may contact BRAC at email@example.com.
BRAC is regularly updating brac.org/recovery with business resources and guidance related to COVID-19.
About the Baton Rouge Area Chamber
The Baton Rouge Area Chamber (BRAC) leads economic development in the nine-parish Baton Rouge Area, working to grow jobs and wealth and to improve the business climate and competitiveness in the region. Today, BRAC investors include more than 1,400 small businesses, mid-sized firms, large industry and entrepreneurial startups, as well as individuals and organizations that support business and economic development. In this capacity, BRAC serves as the voice of the business community, providing knowledge, access, services and advocacy. More information is available at brac.org.