Transcript for By The Numbers: Who got the PPP small business loans?
New information that we've learned about the paycheck protection program or cheap chic she designed to help small businesses are the pandemic it was of course signature program of the two trillion dollar emergency collect relief acts known as the cares act which she looked by the numbers it's. It might surprise you. Likely two million businesses receive more than 525 billion dollars unforgivable loans from the federal government. The newly released data reveals that the top 5% of businesses laid claim to majority of that cash. Specifically 600 businesses received loans of ten million dollars included large restaurant chains like PF Chang's and Boston market. And even though so called small businesses were defined as having 500 or fewer employees chains like shake shack with 8000 employees still qualify because each location at the passable number of workers. Recipients also included tenants of president charmed and synan on Jared commissioners real estate holdings 200000 dollars went up four tenants of commissioners commercial property in New York City for example. The program ended on August 8 with 133. Billion dollars still unclaimed.
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