CORONA CASH: Big states got larger shares of the money. California businesses ranked first, followed by companies in Texas, New York, and Florida - amounts received detailed below
|From The Hustle|
|Since the government rolled out its gigantic coronavirus relief program for small businesses, the question’s been on everyone’s mind: Which companies are getting the money?
The figures released Monday weren’t a full breakdown of every cent and every business. They covered companies that received loans of $150k+ -- and 86.5% of the loans were for less than that amount. And ~$130B in the program is still available.
Here are a few highlights from Monday’s big data dump:
Big states got larger shares of the money. California businesses ranked first, at $68.2B, followed by companies in Texas ($41.1B), New York ($38.3B), and Florida ($32B).
A few industries received about half the funds. Topping the list were health care (12.9%), professional services (12.7%), construction (12.4%), and manufacturing (10.3%).
More than $30B of loans have been canceled. But it’s not clear why in every case. Some companies, like Shake Shack, returned the cash after getting grilled for taking it in the first place.
Check out these links for details on which businesses got the money
Tech startups. Notables: Grindr, the electric-vehicle upstart Canoo, the fintech biz Taulia.
Mobility companies. Notables: Bird was listed as receiving between $5m and $10m, but the company said it didn’t actually apply for the money.
Hollywood’s leading lights. Notables: Yeezy LLC (Kanye West’s apparel company), and… REO Speedwagon?!
The blockchain and crypto biz. Notables: Rainberry Inc., formerly known as BitTorrent.
Other big names. Notables: P.F. Chang’s, Five Guys, the Girl Scouts.