Businesses in New York are one of the biggest recipients of the second round of payments from the federal Paycheck Protection Program.
The Small Business Association approved about 164,000 PPP loans for New York businesses as of the end of last week – more than twice as many as the first round of loans last month. That adds up to about $17 billion. Only California got more money.
The program is meant to help small and struggling companies affected by the COVID-19 pandemic. But larger companies in New York and California have also received loans. Those including Netflix and Google, who now say they’ll return the money.
Connecticut is closer to the middle. The program approved about 30,000 loans for state businesses, putting the state just in the top half of recipients.
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