The federal government’s paycheck protection program is designed to help people stay at work. The $ 349 billion fund ran out of cash yesterday, halting all outstanding loans.
The Small Business Administration released a report detailing how most of the first batch of money was spent. In Idaho, the SBA approved a total of 13,627 loans. It distributed $ 1.853 billion to businesses across the state.
PPP allows a business to get a loan of up to 2.5 times the monthly amount it spends on salaries and other expenses like mortgages and utilities. The federal government would cancel the loans (turning them into a grant) if the money is spent according to the deal – with at least 75% going to salaries.
[Boise bodega keeps doors open, works through paycheck loan process to get employees back to work]
Idahoans make up about 0.545% of the total U.S. population. The state also received slightly less than its share in terms of population, with companies receiving 0.5405 of total PPP funds.
The average loan amount in Idaho is $ 135,982. This is in fact less than the average loan size across the country, which reached $ 206,000.
Nationally, the largest industry in terms of dollar share was construction companies. Professionals / Technical, Manufacturing, Healthcare, and Hospitality / Food round out the top five.
You can see the full rundown of stats here.
The PPP program could restart if Congress can agree on a plan to do so. As with most things in Washington, there is a fight over this. The Senate adjourned without a deal, meaning additional funds would not begin to flow until after next week.