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COURIER L 18 IFE, JULY 10-16, 2020
Massive inequity
in distribution of
A small businesses relief program disproportionately aided
businesses in high-income areas, a study found.
Unsplash/Anastasiia Chepinska
BY ROSE ADAMS
Loans provided
through the federal government’s
Payroll Protection
Program (PPP)
saved nearly 1.4 million
jobs across New York
City amid the coronavirus
outbreak — but an
analysis of government
data shows vast disparities
in the fi nancial aid’s
distribution.
The forgivable loans
of up to $10 million were
distributed disproportionately
to businesses
in high-income neighborhoods,
while many qualifi
ed businesses in southern
Brooklyn were left
unaided, a recent analysis
by the apartmentlisting
website RentHop
found.
The Small Business
Administration enacted
the Payment Protection
Program in April to curb
massive job losses among
businesses with 500 or
fewer employees during
the COVID-19 pandemic.
In New York City alone,
companies received more
than 147,000 loans to secure
their payroll and retain
their employees.
Greenpoint, Park
Slope, and Brooklyn
Heights received the
highest percentage of
PPP loans out of any
neighborhood in the city,
with between 73 and 78
percent of businesses
laying claim to a federal
loan. Meanwhile, only
44 percent of businesses
in Bay Ridge and 48 percent
of businesses in
Bath Beach received the
funds — the second and
fourth lowest numbers
in the city.
Nearly 1,400 Greenpoint
businesses received
federal loans, allowing
them to retain
more than 10,400 jobs,
the report found. Eight
businesses raked in more
than $2 million in loans,
with two businesses logging
somewhere between
$5 and $10 million.
In zip code 11209,
which includes Bay
Ridge and Fort Hamilton,
nearly 1,100 businesses
received a PPP
loan, preventing the loss
of nearly 7,000 jobs, the
report found. Two businesses
received loans
over $2 million, and none
received loans for over $5
million.
Midtown Manhattan’s
10001 ZIP code received
the most PPP
loans in New York City,
and nearly a third of applicants
(31 percent) received
loans in excess
of $150,000. Likewise, in
downtown Manhattan,
more than 40 percent of
all PPP loans were also
$150,000 or higher.
The business fi elds in
New York City that received
the most PPP help
included professional,
scientifi c and technological
services; retail
trade; health care; construction;
and other miscellaneous
services not
provided by public administration,
the report
found.
Read the full report
online at renthop.com.
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