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Friday, March 29, 2024

PPP loans in Maryland: Who got one & how much?

Credit: ABC 2 News WMAR
Duration: 02:55s 0 shares 1 views

PPP loans in Maryland: Who got one & how much?
PPP loans in Maryland: Who got one & how much?

Maryland companies received more than $10 billion of the $521 billion disbursed through the Paycheck Protection Program.

Federal data released on Monday shows that 81,315 loans went to businesses in the state.

IT WAS DESIGNED TO KEEP PEOPLEEMPLOYED.

THE PAYCHECKPROTECTION PROGRAM...GOVERNMENT LOANS TO MARYLANDCOMPANIES TO HELP THEM KEEPJOBS WHILE WE REBOUND FROM THECOVI━19 PANDEMIC.

WMA━2 NEWSMALLORY SOFASTAII SIFTEDTHROUGH THE DATA AND EXPLAINSWHERE THE MONEY IS GOING...ANDHOW MUCH SOME PLACES AREGETTING.THIS DATA GIVES US AN IDEA OFTHE NEED FOR ASSISTANCE..

HOWMUCH..

AND WHY ECONOMISTS SAYTHE PROGRAM STILL NEEDS MOREWORK.

THOUSANDS OF PAGES OFDATABUSINESSES THAT RECEIVED MONEYTHROUGH THE PAYCHECKPROTECTION PROGRAM.

MORE THAN10 BILLION DOLLARS WAS DOLEDOUT TO OVER 8━THOUSANDCOMPANIES IN MARYLAND.ECONOMICS PROFESSOR JEREMYSCHWARTZ SAYING WHEN LOOKINGAT THE TOTALS IT'S IMPORTANTTO REMEMBER& Jeremy Schwartz,associate professor ofeconomics, Loyola UniversityMaryland: :44 the loan amountsthat they see are loanamounts, theyforgivable amounts:06COMPANIES MAY BE ELIGIBLE FORFORGIVENESS IF ABIDING BYCERTAIN TERMS. INCLUDING ATLEAST 60 PERCENT OF THE LOANIS USED FOR PAYROL━RELATEDEXPENSESPURPOSE OF THE PROGRAM &KEEPING PEOPLE EMPLOYED.LOOKING AT THE DATATHOUSAND JOBS MAY HAVE BEENSAVED..

MAKING UP 75 PERCENTOF MARYLANDPAYROLL BUT THE PROGRAM ISNPERFECT.

SCHWARTZ ADDING THERESHOULD BE A LARGER FOCUS ONGIVING THE MONEY TO COMPANIESWHO COULDNWITHOUT IT JS: 13:30 biggerbusinesses are very veryimportant to the economy butthey were in a better positionto ride out the short termshock:10 THE MAJORITY OF LOANS15━THOUSAND OR LESS.

NEARLY7━ HUNDRED RECEIVED 150 TO350 THOUSAND ━THOUSANDCOMPANIES SAW 35━THOUSAND TOA MILLION 1━HUNDRED GRANTED1━2 MILLION 500 PLUS RECEIVED2━5 MILLION AND 86 COMPANIESRECEIVED ━10 MILLION DOLLARS━ THEY INCLUDED CORPORATIONSCOLLEGE AND THE MCDONOGHSCHOOLALSO LAW FIRMS..

MISSION BBQ..AND A DENTIST.

WHILE JOBSRETAINED FOR SOME OF THESECOMPANIES WERE ON THE LOWERENDAT ━HUNDRED THOUSAND DOLLARSJS: 6:10 so that was designedfor those instances where wemight have a small financialfirm of 20 people making$300,000 each:10 AROUND 3500NONPROFITS RECEIVED MONEYTHROUGH THE PROGRAM.

ANDTHEREAROUND 131 BILLION DOLLARS INFUNDING REMAINS.

THE DEADLINETO APPLY FOR THE PPP HAS BEENEXTENDED TO AUGUST 8TH.WE HAVE A LINK TO THE FULLLIST OF COMPANIES AND THFUNDING THEY RECEIVED ON OURWEBSITE WMAR 2 NEWS DOT COMSLASH REBOUND

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