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July 7, 2020

Small business aid went beyond hard-hit companies, data show

  • Industries less affected by the pandemic, such as manufacturing and construction, received a greater proportion of the loans than harder-hit industries.
    • By CHRISTOPHER RUGABER and JOYCE M. ROSENBERG
    AP Business Writers

    WASHINGTON — The government on Monday identified roughly 650,000 mostly small businesses and nonprofits that received taxpayer money from a program that was designed to soften job losses from the coronavirus but also benefited some politically connected firms.

    Recipients of the money from the the Treasury Department’s Payroll Protection Program included a broad swath of industries. Some that were less directly impacted by the pandemic, such as manufacturing and construction, received a greater proportion of the loans than the hard-hit restaurant and hotel industries. Many law firms and private equity companies also obtained loans.


     
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