BATON ROUGE, La. (BRProud) — The Baton Rouge Area Chamber (BRAC) is providing a look at U.S. Paycheck Protection Program (PPP) loans in the Capital Region.
Federal PPP loans are designed to relieve some of the economic pain caused by the COVID-19 pandemic.
Below you will see some of the findings from the BRAC analysis:
- Over 11,300 total PPP loans, including nearly 1,600 of $150,000 or more, were distributed to businesses in the Capital Region;
- Loans of less than $150,000 to 9,715 businesses represent up to $342 million in potentially forgivable loans and the retention of more than 45,000 jobs;
- Combined with the 1,600 larger loans at the minimum dollar amount for the classified range, $1.02 billion in federal funding was allocated to regional businesses in total, supporting wages for more than 128,000 jobs;
- Demographic reporting on loans of under $150,000 indicate that the region’s minority owned businesses accessed smaller PPP loans at representative rates, with 71% reporting as White, 15% Black, and 11% Asian American;
- For loans of over $150,000, only 12% went to minority owned firms, including 5% to Black-owned firms; and
- Overall 13% of loans went to Black-owned firms.
Congress recently passed legislation that extends the PPP program through August 8.
BRAC says, “the covered period for expenditures has been extended to 24 weeks.”
According to BRAC, $130 billion in funds are still out there through the PPP program.
To ensure an equitable economic landscape in the Capital Region, BRAC “will continue to connect Black-owned businesses to banking or credit union partners to assist them with their application for a forgivable PPP loan.”
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