Capitol Report: Health-care industry was top recipient of PPP loans, data show

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The health-care industry was the top recipient of loans under the Paycheck Protection Program through the end of June, the Trump administration said Monday, as it released the names of more than 650,000 businesses that got funds under the small-business lending program.

Launched as part of the government’s stimulus in response to the coronavirus pandemic, the PPP has so far issued $521 billion in loans. In a report Monday, the Small Business Administration said the program had helped support about 51 million jobs.

The health care and social assistance sector got 12.9% of the money; professional and technical services received 12.7%; and 12.4% went to construction. Slightly more than 10% went to manufacturing and 8% went to hotels and restaurants.

The Trump administration had resisted naming any of the companies that received the loans, but relented to pressure and pledged to provide more details about the borrowers.

President Donald Trump over the weekend signed legislation that extends the PPP. The bill passed by Congress extends the deadline for applying for PPP loans to Aug. 8.

See:Bill extending Paycheck Protection Program gets Trump’s signature.

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