Which businesses got coronavirus relief money? Insights from the new data

A handful of industries received half the funds.


July 7, 2020

Photo via: Mike Petrucci on Unsplash

Since the government rolled out its gigantic coronavirus relief program for small businesses, the question’s been on everyone’s mind: Which companies are getting the money?

Yesterday, we got some answers. The government released details on who received loans under the $660B Paycheck Protection Program. (Data wizards, go here to slice and dice the numbers for yourself.)

The figures released Monday weren’t a full breakdown of every cent and every business. They covered companies that received loans of $150k+ — and 86.5% of the loans were for less than that amount. And ~$130B in the program is still available. 

Here are a few highlights from Monday’s big data dump:

  • Big states got larger shares of the money. California businesses ranked first, at $68.2B, followed by companies in Texas ($41.1B), New York ($38.3B), and Florida ($32B).
  • A few industries received about half the funds. Topping the list were health care (12.9%), professional services (12.7%), construction (12.4%), and manufacturing (10.3%).
  • More than $30B of loans have been canceled. But it’s not clear why in every case. Some companies, like Shake Shack, returned the cash after getting grilled for taking it in the first place.

Check out these links for details on which businesses got the money:

Daily briefings, straight to your inbox

Business and tech news in 5 minutes or less

Join over 1 million people who read The Hustle

Psst

How'd Bezos build a billion dollar empire?

In 1994, Jeff Bezos discovered a shocking stat: Internet usage grew 2,300% per year.

Data shows where markets are headed.

And that’s why we built Trends — to show you up-and-coming market opportunities about to explode. Interested?

Join us, it's free.

Look, you came to this site because you saw something cool. But here’s the deal. This site is actually a daily email that covers the important news in business, tech, and culture.

So, if you like what you’re reading, give the email a try.