Arts, entertainment, recreation and information businesses have received approvals for over $8 billion in Paycheck Protection Program loans, the Small Business Administration reported Tuesday, representing almost 40,000 individual loans.
The PPP program, enacted as part of the $2.2 trillion CARES Act on March 27, provides small businesses and independent contractors with forgivable loans — in essence, grants — equal to 2.5 times their average monthly payroll costs.
Of the 1,035,086 loans approved across all industry sectors as of Monday, the average size loan has been $239,152, with 70 percent of loans under $150,000, according to the report.
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