MASSACHUSETTS — More than 18,000 Massachusetts businesses and non-profits have received loans of $150,000 or more from the Paycheck Protection Program, or PPP, to help pay their employees during the coronavirus pandemic.
PPP loans were established as part of the federal government’s CARES act, and are similar to grants: they will be forgiven as long as businesses keep its employees on their payroll, without cutting their pay. However, the money does not necessarily have to go directly to employees as long as the business keeps paying them, it can also be used to pay interest on mortgages, rent, and utilities.
On Monday, the U.S. Small Business Administration released data showing that nearly 5 million businesses have received PPP loans totaling over $521,000,000,000. The U.S. Treasury says that money has supported 51.1 million jobs, as much as 84 percent of America’s small business employees.
Here’s an interactive map that shows the businesses that received PPP loans of more than $150,000 in Massachusetts. You can zoom into an area and click on a pin to find the business and the details about the loan it received:
Tens of thousands more businesses received loans under $150,000.
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