Reading's Smaller PPP Loans Totaled Over $13 Million

READING, MA — More than 300 companies and non-profits in Reading received loans of less than $150,000 from the Paycheck Protection Program, or PPP, helping retain more than 1,300 jobs.

The U.S. Small Business Administration on Monday released some details of the companies that received loans under the coronavirus stimulus package. While it named all the companies that received loans of over $150,000, it did not name companies that received less than that.

Still, the numbers showed that 389 companies and non-profits got smaller loans totaling $13,258,744.37, helping retain 1,361 jobs.

Close to 40 businesses and non-profits in Reading received loans of $150,000 or more from the PPP, helping retain more than 1,284 jobs. You can see those here.

PPP loans were established as part of the federal government's CARES act, and are similar to grants: they will be forgiven as long as businesses keep its employees on their payroll, without cutting their pay. However, the money does not necessarily have to go directly to employees as long as the business keeps paying them, it can also be used to pay interest on mortgages, rent, and utilities.

On Monday, the government released data showing that nearly 5 million businesses have received PPP loans totaling over $521,000,000,000. The U.S. Treasury says that money has supported 51.1 million jobs, as much as 84 percent of America's small business employees.