ProPublica has created a data base of all U.S. businesses, organized by state, that received government support of between $150,000 – $10 million. One can now search the loans disclosed by the Small Business Administration (SBA).
The Paycheck Protection Program gave billions to banks to make low-interest loans to businesses that experienced financial devastation as a result of the coronavirus pandemic.
The SBA forgives the loan if the small business uses the funds for payroll (at least 60%), mortgage interest, rent or utilities. If the business lays off people or reduces paychecks, less of the loan will be forgiven. Click here to read more about PPP loan forgiveness.
46 Larchmont businesses including car dealerships, schools and restaurants (at least one that has since closed) got the cash.
If you click on the business name, the number of jobs is indicated.
New Rochelle Paycheck Protection Loans
Scarsdale Paycheck Protection Loans
Rye Paycheck Protection Loans
New York State came in 2nd nationwide for the number of loans between $5 – $10 million.
According to reports, lenders will reap millions in processing fees — 5 percent for loans under $350,000, 3 percent for loans under $2 million, and 1 percent for loans greater than $2 million. The fees will be covered by the federal government.