ONLY HALF OF U.S. SMALL BUSINESSES GOT PAYCHECK ASSISTANCE

While nearly 75% of small businesses sought cash from a federal loan program designed to keep workers employed during the COVID-19 pandemic, only 38% of them received any money, the US Census Bureau survey disclosed on Thursday.

In a story written by Mike Schneider for the Associated Press (AP), oil companies and manufacturing entities got more money from the Paycheck Protection Program (PPP) with more than half of businesses surveyed in that sector reporting getting some help, the bureau’s Small Business Pulse Survey showed.

Just under half of small businesses in manufacturing and about 45% of small businesses in accommodations and food services reported receiving loans, Schneider reported. Utilities fared the worst of all sectors with less than a quarter of small businesses in that sector getting loans.

The PPP has disbursed more than $530 billion in low-cost loans to millions of small businesses to cushion them from the sharp downturn induced by the COVID-19 pandemic. #coronavirusimpact #COVID19