NEW YORK (Reuters) – The Trump administration on Monday released the names of hundreds of thousands of businesses which took money from a high-profile $660 billion pandemic aid program, letting the public see for the first time how the majority of the cash was spent and whether it helped save jobs.
Below are a few highlights from an accompanying presentation released by the government on the Paycheck Protection Program.
– About 4.9 million loans worth $521.48 billion were issued. Of that, 1.7 percent of the loans made were worth more than $1 million, accounting for 34.8 percent of total money that was lent.
– California, Texas and New York approved the largest amounts of loans from the pandemic aid program respectively. California approved $68.2 billion worth of loans, Texas issued $41.1 billion and New York stood at $38.3 billion.
– Loans issued to businesses in rural and economically distressed areas as defined by the government accounted for about 38 percent of total money lent.
– JPMorgan Chase Bank, Bank of America, Truist Bank, PNC Bank and Wells Fargo Bank were the top issuers of the pandemic aid loans as of the end of June. See below for a table of the top issuers of pandemic aid loans.
– Close to $131.9 billion of the funding remained unspent as of June 30.
Reporting by Chris Prentice in WASHINGTON and Koh Gui Qing in NEW YORK; Editing by Nick Zieminski