Delaware businesses get 4,872 loans in 2nd round of Payroll Protection Program


Delaware held its own when it came to the second round of Paycheck Protection Act loans.

A report from the Small Business Administration indicated that a total of 4,872 loans with a value of more than $366 million were approved.

The dollar figure was higher than the loan volume for states with lower populations, such as Vermont, Maine, the Dakotas, Montana, Wyoming, and Alaska.

One eye-popping figure came from the District of Columbia which had double the volume of Delaware despite a population of under 700,000. Delaware has an estimated 970,000 residents.

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The figures from the SBA make the case that the bulk of the loans went to smaller companies, following criticism of publicly traded companies with arrays of accountants, lawyers and other advisors snapped up loans.

Some of those companies, including the Ruths Chris high-end steakhouse chain and Shake Shack returned their loans that met the requirements of the legislation. Others did not.

The legislation authorizing the second phase of PPP set aside funds for community banks after big lenders like Wells Fargo quickly shut the door on loans the first time around.

The Wells Fargo moved had an impact on Delaware, since the bank is a sizable business lender.

The Treasury Department announced that all large loans will be audited.

Payroll Protection Program loans are partially or fully forgivable, depending on how many employees remain on the payroll.

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