by Dr. Terry Stoops
Former Director of the Center for Effective Education, John Locke Foundation
According to an article from the News & Observer,
Over the weekend, President Donald Trump signed legislation extending the PPP [Paycheck Protection Program] deadline for small business owners. According to The Washington Post, $150 billion remains in the fund.
The data from the SBA show that in North Carolina, nearly 122,000 loans were completed as of June 30. Altogether, the loans were worth more than $12.4 billion.
More than 16,300 companies in the state received loans of more than $150,000, according to the SBA, and 105,590 companies in North Carolina received loans of less than $150,000.
Of the larger loans, 60% were between $150,000 and $350,000. One hundred companies received loans of $5 million to $10 million.
The largest number of loans over $150,000 — 2,267 — went to businesses in the city of Charlotte.
Notable recipients from the Raleigh area included the North Carolina Justice Center, the Public School Forum of North Carolina, North Carolina Sustainable Energy Association, and ACLU of North Carolina Legal Foundation.