Iowa Businesses Received $5.1 Billion from Paycheck Protection Program

DES MOINES, Iowa - Numbers for Iowa are in for the more than $500 billion federal Paycheck Protection Program.

More than 58,000 - 58,463 - small businesses in the state received nearly $5.1 billion in the program that economists have credited for keeping the job market afloat during the pandemic.

Ninety percent of the loans in Iowa were for less than $150,000. The range of loans was between $110 and $10 million.

Governor Kim Reynolds ordered many of the state’s retail and entertainment businesses closed in mid-March in an effort to slow the spread of the coronavirus.

The numbers have been made available after media groups, including the New York Times and the Washington Post sued the Small Business Administration to make the documents public.

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