DENVER – Denver’s Snooze breakfast chain survived its first year of COVID-19 thanks to a $ 10 million paycheck loan. The Snooze loan was forgiven on June 11, according to data provided by the US Small Business Administration.
Ditto for Intrepid Potash, a fertilizer maker based in Denver, which said it received a full pardon on June 30 for a $ 10 million payroll protection loan. The publicly traded company mentioned this earlier this month in its second quarter results.
They join nearly half of Colorado’s 200,000 Small Business Payroll Loans that were forgiven as of July 1. About 55% of Colorado’s loan amount has also been forgiven. The money provided $ 15.1 billion to stimulate the state’s economy and helped 145,000 businesses survive, with about one-third of them choosing a second loan this year. Across the country, 11.5 million loans were disbursed to 8.5 million enterprises. As of Aug.15, about 59% of the $ 800 billion in loans had been forgiven, according to the SBA.
Federal loans were designed to keep jobs and provided paychecks for about two months. But it is the temptation of 100% forgiveness that has attracted millions of job seekers. Small and large businesses flooded the Paycheck Protection Program when it launched in April 2020. The initial $ 349 billion pool was depleted in two weeks. Congress quickly added billions more over the next few weeks, and then this year gave borrowers a chance to get a second loan. The SBA, which ran the program, added new rules to maximize support for small businesses.
As with the people of Colorado, most of the payroll protection loans were made to businesses located in the Frontline. But several other counties made it to the top twenty, including Summit County, which ranked 16th in the number of approved loans, generating $ 145.5 million in business. USA in the form of approved loans.
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