The U.S. Treasury Department and the U.S. Small Business Administration shared information on loans provided under the Salary Protection Program. Accordingly, within the scope of the program, as of June 30, a total of 4.9 million loans were approved, amounting to $ 521.4 billion.
84 percent of small business employees supported
In line with the approved loans, 84 percent of small business employees were supported, while 51.1 million jobs were funded. While the sector with the highest number of loans was “health services” and “social aid”, a total loan of 67.3 billion dollars was approved for this sector.
“Professional, scientific and technical services” with $ 66.4 billion, “construction” with $ 64.5 billion, “manufacturing” with $ 54 billion, “accommodation and food” with $ 42 billion, and 40.3 billion followed by “retail trade” sectors.
While the average loan amount was calculated as approximately 107 thousand dollars, the amount of funds remaining under the program was recorded as 131.9 billion dollars.
Implemented for the protection of small businesses
In the USA, the $ 349 billion Salary Protection Program was launched to protect small businesses from the economic effects of the COVID-19 outbreak. The loan program in question was implemented as part of the $ 2.2 trillion incentive package, described as “the largest incentive package in US history” and approved by US President Donald Trump on March 27.
The additional draft budget, which envisages the allocation of an additional $ 310 billion of resources for small businesses as soon as the resource of the credit program runs out, was approved on 24 April.
