247 Oswego Businesses Receive Millions In Federal Relief Loans

OSWEGO, IL — The U.S. Small Business Administration released a list of businesses — including many in Oswego — approved for federal payroll protection loans under the Paycheck Protection Program. This disclosure covers each of the 4.9 million PPP loans that have been made since April, according to a press release. The program was set up to assist businesses in moving forward during the coronavirus pandemic.

"The PPP is providing much-needed relief to millions of American small businesses, supporting more than 51 million jobs and over 80 percent of all small business employees, who are the drivers of economic growth in our country," Treasure Secretary Steven T. Mnuchin said in the release.

The average loan size is approximately $100,000, according to Mnuchin, "demonstrating that the program is serving the smallest of businesses."

The release includes loan-level data, including business names, addresses, NAICS codes, zip codes, business type, demographic data, non-profit information, name of lender, jobs supported, and loan amount ranges.

Records provided by the SBA divided up the results into two categories: Businesses that received less than $150,000 in funds, and businesses that received more than $150,000. A total of 208 businesses received less than $150,000 in PPP loans, to allow businesses to save 1,631 jobs, according to the documents.

A total of 247 Oswego businesses and organizations were awarded the loans and 39 out of them earned more than $1.5 million.

After initially refusing to disclose the recipients of the federal relief, the agencies relented following lawsuits from media organizations and provided the names of all businesses that borrowed more than $150,000, accounting for about three quarters of the money distributed. The names of businesses that received under $150,000 were not released by the SBA.

The complete list of all loans received by local businesses can be found here.

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