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Vermont’s restaurant and car dealership industries received the highest number of Paycheck Protection Program loans exceeding $150,000 during the new coronavirus pandemic, according to new federal data.
The data released Monday by the Small Business Administration and U.S. Treasury Department show PPP loan ranges for businesses in all 56 states and territories. More than 1,500 Vermont businesses received $150,000 or more through PPP loans, the data show.
The program, run by the federal government, was meant to give relief to small businesses affected by the economic downturn during the COVID-19 pandemic.
Industries shown in the data are defined by six-digit codes through the North American Industry Classification System. The system is used by the U.S., Canada and Mexico to classify businesses by industry, according to the U.S. Census Bureau.
Vermont full-service restaurants were given 66 large PPP loans — the highest number of any industry in the state — and said they retained a total of 3,219 jobs. The second most frequent large loan recipients were new car dealers: 58 businesses received help and said they retained 2,649 jobs, the data show.
Overall, the economic sector that received the highest number of large PPP loans in Vermont was the health care and social assistance sector, which encompasses multiple industry categories. That sector received 207 total loans.
Which Vermont businesses received the biggest loans?
The government released loan amounts as a range instead of exact dollar amounts. The highest loan range a business could obtain was $5-10 million. Seven businesses in Vermont received $5-10 million loans. Those businesses were:
- Bennington College Corporation, Bennington
- Copley Hospital, Inc., Morrisville
- G.W. Plastics, Inc., Bethel
- iTech US, Inc., South Burlington
- Momentum Manufacturing Group LLC, St. Johnsbury
- PC Construction Company, South Burlington
- Vermont Energy Investment Corporation, Winooski
According to the U.S. Treasury Department, loans exceeding $150,000 account for 75% of the loan dollars given nationally. The department also released data showing loans of less than $150,000 given in each state, but did not include the names of the businesses.
Vermont small businesses have been approved for 11,929 PPP loans through the end of last month, amounting to a net total of about $1.2 billion, according to a U.S. Treasury Department report showing PPP approvals through June 30.
Contributing: April McCullum, Free Press Staff Writer and Editor. Contact Elizabeth Murray at 802-651-4835 or email@example.com. Follow her on Twitter at @LizMurrayBFP.
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