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Paycheck Protection Program billions went to large companies and missed virus hot spots

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U.S. Small Business Administration
University of Chicago
Frost Bank
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The Paycheck Protection Program
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Stephen Gandel
Micheal Minnis
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Jamie Lerner


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The rush to distribute nearly $350 billion in federal aid from a popular —and now empty— small business relief fund resulted in the government sending billions to areas of the country with relatively few novel coronavirus cases, to companies in industries that have not been the hardest hit by the shutdown, and to companies that are not even small businesses.So where did the Paycheck Protection Program's ultra-low-interest loans to small businesses go so quickly? Here are early details from the latest available U.S. Small Business Administration data:University of Chicago accounting professor Micheal Minnis has co-authored a preliminary study on the Paycheck Protection Program and set up a website tracking the program and its loans. Nearly 82,000 small businesses in New York got PPP loans, for a total of just over $20 billion.From his headquarters In San Antonio, Texas, Frost Bank CEO Phil Green said his bank has been busy taking applications for PPP loans since the first day of the program. The Paycheck Protection Program is supposed to encourage companies to retain and keep paying employees even if businesses were shut.But even outside the hospitality industry a number of not-so-small businesses were able to land PPP loans. A note on the company's website says that Quantum is "providing ongoing service" to its clients, and that "all employees are expected to work remotely." A message left with Quantum's main office number by CBS MoneyWatch was not returned for comment.Even though retailers, hotels and entertainment companies have been the worst hit by the coronavirus, they aren't the companies getting the most assistance from the Paycheck Protection Program —or even the second most frequent recipient.According to SBA data released Friday afternoon, construction companies got nearly $45 billion in PPP funds nationwide, more than any other industry.

As said here by Stephen Gandel