SACRAMENTO, Calif — When Paycheck Protection Program loans became available, lenders approved loans to individual businesses for up to $10 million for companies across the nation.
In Sacramento, the Small Business Association reported 1,519 businesses received between loans totaling $1.5 billion. The PPP funds were sought after by many businesses in California to help pay employees during the coronavirus pandemic.
Some of the Sacramento businesses include:
- Sacramento Natural Foods Co-op
- East Lawn Memorial Park
- Capital Public Radio
- Girl Scouts of the Heart of Central California
- Selland's Family Restaurant
- Morton Golf
- Track 7 Brewing
With PPP loans, businesses were expected to use the money to cover the cost of business for eight weeks. Many of the loans reported, so far, were approved between April 8 and June 30.
The Paycheck Protection Program included a forgiveness portion which is overseen by the Small Business Association.
While the federal government provided the funds for this program, banks in the Sacramento region were able to decide which businesses got a loan. For some loans, the Small Business Association said they have not yet approved all loans smaller than $2 million.
Here is a spreadsheet breaking down who got a loan from this program:
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