The Paycheck Protection Program saved 3.2 million Florida jobs, according to SBA data
At least $25 billion in interest-free government loans from the Paycheck Protection Program went to Florida small businesses affected by the coronavirus pandemic, according to data released Monday by the Small Business Administration.
And the federal taxpayer money saved at least 3.2 million jobs around the state, according to data that was self-reported by businesses and sent to the SBA. The SBA released loan details after weeks of stonewalling requests from lawmakers and media organizations to provide more transparency for the PPP program, which was devised in part by Florida Republican Sen. Marco Rubio.
Rubio, who leads the Senate Small Business Committee, said in a statement on Monday that the Trump administration provided “much needed transparency” for the program, which was intended for small businesses and capped at $10 million per loan.
“We know PPP has been a historic lifeline for more than 4.8 million small businesses,” Rubio said in a statement. “It is clear that financial damage from the pandemic will continue to impact small businesses even as the economy re-opens.”
PPP loans that are used to keep workers on payroll and other essential expenses like rent do not have to be paid back, essentially turning the money into a grant.
Unlike federal funds doled out to healthcare institutions in response to the coronavirus, where COVID-19 hot spots in South Florida received less money than other parts of the state, the PPP funds do not appear to have been distributed according to geography or party representation.
Democratic Rep. Alcee Hastings’ district, which includes majority Black portions of Broward and Palm Beach counties, received the most PPP money out of Florida’s 27 congressional districts. Hastings’ district received at least $1.9 billion and up to $3.5 billion in loans, and the recipients in his district reported that the money saved 225,436 jobs.
The district that received the least amount of PPP money in Florida also has a plurality of Black residents, according to Census data. Rep. Al Lawson’s district, which includes Jacksonville, received between $165 million and $323 million.
The exact amount of loans is unknown because the government published the information only by a range, with the largest loans ranging from $5 million to $10 million and the smallest as anything less than $150,000. Loans smaller than $150,000 did not include the name of the business that received the money. The businesses themselves reported to the SBA how many jobs were saved by the loan, though the data published by the government is incomplete. And some businesses listed nationally on the SBA’s list said Monday they never applied for PPP loans.
The four congressional districts with the highest PPP totals in Florida are represented by Democrats, while Republican-held districts represent the next four on the list. The four congressional districts that received the least amount of money are represented by two Democrats and two Republicans.
Democratic Rep. Frederica Wilson’s district, which stretches from southern Broward County to downtown Miami, had the highest total of PPP money out of Miami’s five congressional districts, ranking fourth in the state with $1.4 to $2.6 billion received. Democratic Rep. Debbie Mucarsel-Powell’s district, which includes portions of south and west Miami-Dade County along with the Florida Keys, ranked last among Miami-based seats, with the district taking in between $728 million to $1.2 billion. Mucarsel-Powell’s district includes Miami-Dade’s farming communities and small tourism-based businesses that were less likely to apply for large loans.
“Certainly, we did hear from our members when the program kicked off that there were some hurdles, but overall we ultimately did hear that many businesses that applied were successful,” said Edie Ousley, the Florida Chamber of Commerce’s vice president for public affairs. “We know businesses and job creators were severely hurting and they desperately wanted to keep their employees paid as best they could. For the most part, PPP has been providing the resources for businesses to keep their doors open and that’s truly what our members wanted to be able to do.”
Last week, Congress and President Donald Trump agreed to extend the PPP program by five weeks until Aug. 8. The program was set to expire on June 30 with $130 billion left for businesses who have yet to apply.
The extension could bring further benefits to states like Florida that have experienced a resurgence in COVID-19 csaes in recent weeks. Increasing cases have led to new closure orders for businesses, such as restaurants in Miami that were allowed to reopen in late May.
Rubio said additional relief for small businesses will be necessary in the next coronavirus relief package.
“PPP and additional long-term recovery capital must be the priority for the next relief package,” Rubio said. “I will continue to work with my colleagues on the small business task force to reach a bipartisan agreement on a targeted second round of PPP for underserved firms and for additional resources for long-term resiliency.”
This story was originally published July 6, 2020 at 6:31 PM with the headline "The Paycheck Protection Program saved 3.2 million Florida jobs, according to SBA data."
