$1 loans? $10 million for a nail salon? Colorado’s federal coronavirus loan data has some eye-popping errors
The small business jackpot of $660 billion in forgivable loanshelped thousands of small businesses in Colorado get through the coronavirus-related shutdowns in March. But just as the application process for the federal Paycheck Protection Program proved chaotic, so too is making sense of the data that shows who received how much.
Some companies are suddenly in the public eye after the Small Business Administration released details that proved inaccurate.
In one case, loans for the Snappy Nails & Spas in Broomfield and Westminster came in between $5 million and $10 million each to keep nine and 14 employees, respectively, on payroll.
An employee who answered the phone Tuesday at the Snappy Nails in Broomfield said the company did get a PPP loan, but for much less. Owner Vinh Pham spoke to 9News reporter Steve Staeger and said the loans were less than $100,000. Pham did not respond to questions from The Colorado Sun.
Christopher Chavez, a spokesman for the regional office of the SBA, said the official list of paycheck loan recipients was based on initial approvals and does not indicate the company accepted and used the money.
Read more via The Colorado Sun.
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