See which Colorado businesses received Paycheck Protection Program loans — and how much they got
The number of Colorado companies approved for forgivable loans of up to $10 million declined in the six weeks that the federal Paycheck Protection Program loans were extended to drum up more interest among small businesses.
Gone are the two Snappy Nails & Spa salons in Broomfield and Westminster after its owner said the loans were less than $100,000. Ditto with Dutch’s Home Improvement in Colorado Springs. Its owner told The Colorado Sun that it also received much, much less.
There are now 91 loans listed between $5 million and $10 million, instead of 95.
The revised data provided by the Small Business Administration was part of a recent update that also shared company names and dollar ranges for businesses nationwide that applied for the federal relief to pay workers and offset financial stress caused by the coronavirus pandemic. Nearly 5,000 more Colorado companies applied for loans after the program was supposed to end on June 30. The state ended with 109,170 approved for loans by the new Aug. 8 deadline. The Colorado Sun received a loan.
The data remains imperfect, though, with typos like “Boomfield” and “BRROMFIELD” instead of “Broomfield.” About 75% of the loans did not include demographic details. But the SBA, which has overseen the PPP process, made some changes. A confusing data point in the original list seemed to say how many jobs were saved by the loan but the SBA clarified that the number is how many jobs the company reported. The list also excluded canceled loans, but being on the list doesn’t mean the company accepted the loan.
Read more via The Colorado Sun.
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