As the coronavirus pandemic began to ravage the economy last spring, Congress passed the Paycheck Protection Program (PPP), one of the flagship parts of COVID-19 stimulus efforts aimed at delivering cash quickly to businesses. Until this month, the federal government has shared only limited information on companies receiving these loans. But thanks to a coalition of news agencies that sued the government for access to data, we now have a more complete picture of where the money is going – in New Hampshire and elsewhere.
(Want to jump straight to data? Click here.)
The PPP aimed to help small businesses and nonprofits (defined as those with fewer than 500 employees) stay afloat during the pandemic. More than 24,000 New Hampshire entities received loans under the program, including New Hampshire Public Radio, which received approximately $ 1 million.
The US Small Business Administration, which administered the loans, released a first batch of data on PPP loans in July, in response to pressure from news outlets and others seeking greater transparency. But there was a flaw in the data: it excluded information on companies that received less than $ 150,000 and provided only ranges, rather than specific dollar amounts.
(Previous coverage: Local Hospitals and NH Construction Companies Receive Biggest PPP Loans)
The latest SBA data release provides specific dollar amounts for all P3 recipients. Using these new records, we’ve created the charts below to help illustrate where the P3 dollars have landed locally.
We have only included companies listed with addresses in New Hampshire on SBA records, so companies that do business in the state but maintain a business address elsewhere will not appear here. All information in the graphics appears on federal government records as is, so there may be errors.
Additionally, in many cases it is not clear how many jobs were actually supported by each P3 loan – even some of the larger ones – as this information is not reflected in the SBA data. As the Washington Post reports, this problem is not unique to New Hampshire.
“Many companies are said to have” retained “many more workers than they employed”, the post reported. Likewise, in some cases, the agency’s job applications for entire sectors exceeded the total number of workers in those sectors. For more than 875,000 borrowers, the data showed that no jobs were available. supported or no information was listed, depending on the scan. “
Even with these limitations, we hope that the graphics below will help provide additional transparency about who has benefited the most from this program.
Map: NH companies receiving at least $ 1 million in PPP loans
Explore the Data: All NH PPP Loan Recipients