Paycheck Protection Data Released For Upstate NY Area

by Shea O'Malley | July 11, 2020 2:32 pm

UPSTATE NEW YORK – On July 8, The U.S. Small Business Administration’s Paycheck Protection Program (PPP) released data, assembled together by Congressional Districts, in regards to the SBA Syracuse District Office’s Upstate New York coverage area.

The Upstate New York coverage area consists of six Congressional Districts. These districts encompass 34 counties throughout Central New York, the Mid-Hudson Valley, Capital Region, North Country, Southern Tier, and Mohawk Valley.

The reported numbers are positive across the board, and considered a success by the SBA and its officials.

The SBA Atlantic Regions PPP loan data for New York Congressional Districts 19-24, shows unprecedented relief to New York state small businesses.

The data also shows that 323,903 small businesses and non-profits benefited from $38.35 billion in initial approved amounts, which came through many of the SBA PPP participating lenders.

“Upstate New York small businesses fared very well in the PPP and the numbers bear that out small businesses and non-profits in the six Congressional Districts that encompass the 34-county SBA Syracuse District Office coverage area,” SBA Regional Administrator Steve Bulger said.

Bulger is in charge of operations throughout the Atlantic region.

“Although COVID-19 has impacted our local, regional, state and national economies, the data proves that the PPP is serving the needs of our small business community, local downtown’s and keeping paychecks coming to workers despite announced quarantines, local shutdown orders or re-opening phases,” Bulger said.

The data released was separated into two loan groups; loans of $150,000 or greater, and those below the $150,000 level. The larger level loan data includes business names, addresses, NAICS codes, zip codes, business type, demographic data, non-profit information, name of lender, jobs supported, and loan amount ranges of $150,000-350,000; $350,000-1 million; $1-2 million; $2-5 million; $5-10 million.

The larger loan level data accounts for 75% of the loan dollars approved. The smaller loan levels, below the $150,000 mark, were released with the information above, not including business names and addresses. The lower level information also included exact loan amounts as opposed to ranges.

Borrower’s names were removed from the smaller loans because the PPP loans are based on payroll, and smaller companies might have salaries deduced from the available information, causing privacy concerns.

Currently the data released also shows the PPP loans have reached diverse communities across all income levels and demographics.

“The SBA Syracuse District Office has led the charge providing information and resources to upstate small business owners and non-profits, assisting them with understanding the SBA’s available COVID-19 relief programs like the Paycheck Protection Program,” SBA Syracuse District Director Bernard J. Paprocki[1] said.

“By working on the ground in community after community, county after county, SBA Syracuse has partnered with small business advocates, Chambers of Commerce, federal, state and local elected officials, lending partners and others. Our federal agency’s Upstate New York team has helped execute the largest economic stimulus package in world history right here in our backyard yielding tremendous successes for our Main Streets, downtowns and local economies.”

This is the first Upstate New York accounting of the program by Congressional District as the PPP continues.  The SBA’s Paycheck Protection Program is now extended to August 8, 2020, until 11:59 p.m. EST, per President Donald Trump signing the Paycheck Protection Program Extension Act into law[2].

PPP-participating lenders have about a month to submit PPP loans to the SBA to receive the federal guarantee.

Source URL: https://oswegocountytoday.com/news/paycheck-protection-data-released-for-upstate-ny-area/

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