Some 51.1 million jobs were protected by a high-profile pandemic aid program, the Trump administration said on Monday as it revealed how a firehose of $521.4 billion in taxpayer cash washed across the landscape of America's small businesses.
WASHINGTON - Some 51.1 million jobs were protected by a high-profile pandemic aid program, the Trump administration said on Monday as it revealed how a firehose of $521.4 billion in taxpayer cash washed across the landscape of America’s small businesses.
Sidwell Friends School, an exclusive private school which educated former President Barack Obama’s daughters, took out a loan for between $5 million and $10 million, as did Saint Ann’s School in Brooklyn, which - with tuition exceeding $50,000 per year - is attended by the children of hedge fund managers and celebrities.
To date, the SBA has released broad distribution figures for states, industries and the largest lenders. But the new data paints a much more detailed picture of which local communities and sub-sectors received support and whether it helped save jobs. Despite some eyebrow-raising recipients, the funds reached a wide swath of businesses - more than $67 billion for the healthcare and social assistance sector, $64 billion-plus for construction businesses, $54 billion for manufacturing and, at the smaller end, more than $7 billion for religious organizations, the data showed.
In the scramble to distribute funds, the program was beset by technology glitches, documentation snags and revelations that some lenders prioritized their most profitable clients, leading to some affluent companies receiving funds while less well-heeled borrowers missed out.
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