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More than half the funds received by Georgia companies as part of the Paycheck Protection Program meant to support small businesses during the pandemic went to large companies, according to newly released data from the U.S. Small Business Administration.
Credit: fca.gov
More than half the funds received by Georgia companies as part of a federal loan program meant to support small businesses during the pandemic went to large companies that received loans of $3 million or more, according to newly released datafrom the U.S. Small Business Administration.
An analysis by the Georgia News Lab found that just 5% of the nearly 170,000 Georgia companies that received loans as part of the Paycheck Protection Program got 54% of the $14.4 billion of funds provided to the state, totaling about $7.8 billion. The loans went to a wide range of industries, from technology companies and real estate firms to independent restaurants and beauty ....

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