This week, the U.S. Treasury Department released information about all Paycheck Protection Program (PPP) forgivable loans allocated across the country, broken down by state. BRAC analyzed the data to determine the distribution to businesses in the Capital Region. 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.
Join us on Monday for a webinar on the PPP and Economic Inclusion sponsored by Taylor Porter. Details and registration available here. As part of BRAC’s pledge to work toward an equitable recovery, we 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 firstname.lastname@example.org.