Jovita Carranza, administrator of the U.S. Small Business Administration and Treasury Secretary Steven Mnuchinlisten during a Paycheck Protection Program event in the East Room of the White House in Washington, D.C., U.S., on Tuesday, April 28, 2020. File Photo by Al Drago/UPI | License Photo
July 6 (UPI) -- The U.S. Treasury Department on Monday released the names of more than 650,000 companies that received loans under the Paycheck Protection Program.
Businesses named by the Treasury Department on Monday included only those that received more than $150,000 in forgivable loans meant to allow companies to pay their employees amid the COVID-19 pandemic, representing less than 15 percent of the businesses that received loans under the program.
In total, nearly 4.9 million businesses received more than $521 billion in loans through the program established by the government's $2 trillion economic stimulus bill.
Recipients of the loans employed 51 million people prior to the pandemic, accounting for about 85 percent of the workforce at companies with fewer than 500 employees.
Treasury Secretary Steven Mnuchin said the average loan size provided by the program was $107,000 and that 27 percent of the loans were distributed to businesses in low- and moderate-income communities.
"Today's release of loan data strikes the appropriate balance of providing the American people with transparency while protecting sensitive payroll and personal income information of small businesses, sole proprietors and independent contractors," said Mnuchin.
Businesses in California received the most loans at $68.2 billion, with Texas receiving the second most at $41.1 billion followed by New York with $38.3 billion.
Several recipients listed by the Treasury Department include businesses linked to members of the Trump administration including Transportation Secretary Elaine Chao, Agriculture Secretary Sonny Purdue and a school named after the grandfather of President Donald Trump's son-in-law and adviser Jared Kushner. Businesses linked to West Virginia Gov. Jim Justice and Ohio Gov. Mike DeWine were also included.
The Treasury Department reported that the program has about $132 billion in funding remaining, as Trump on Saturday signed a law extending the deadline for applications through Aug. 8.