The federal government has written off about $ 400 billion in pandemic relief loans under the Payroll Protection Program (PPP), according to a group of domestic observers.
The Pandemic Response Accountability Committee (PRAC), which is made up of 22 inspectors general from various federal agencies, found that $ 394.6 billion had been forgiven from 4.1 million loans from PPP.
In total, 11.77 million loans were issued to enterprises for a total amount of USD 798.7 billion.
More than 1 million loans have been issued to companies with one employee, according to an analysis of data from NBC News. Loans to these companies amounted to over $ 12 billion, or about $ 11,000 per job. according to the news agency.
A report released on Wednesday also showed that 90.3 million jobs were saved thanks to loans to businesses.
The news from the watchdog group comes after businesses reopened in the United States after a year in which small and large companies fought for bailouts after locks and social distancing measures curbed revenues.
The PPP was established as part of the April 2020 Anti-Coronavirus Bill by Congress and signed by the former President TrumpDonald TrumpOn Money: Sumer Pressures From All Sides Over Spending Strategy | GOP Condemns HUD Chief for Sluggish Rental Aid | Democrat proposes taxes on commercial space flights Overnight Care: Fauci Faces Paul Again | New York Reaches 0.1 Billion Settlement With Opioid Distributors | The delta variant accounts for 83% of COVID-19 cases in the United States. Night Defense: Defense Bill Includes Military Justice Review | Pentagon’s watchdog to check the safety of “nuclear football” | The Pentagon launched the first airstrike on Somalia under Biden MORE about a month after the pandemic began ravaging the nation. The program was created to provide loans to businesses to save jobs. The program ended on May 31 this year.
The largest companies to receive loan funds were General Motors, McDonald’s and Ford Motor Company, which received $ 1.4 billion, $ 1.3 billion and $ 964.2 million, respectively.
The industries that received the most funding under the program are construction, health care and social assistance, and professional, scientific and technical services, which received $ 98.2 billion, $ 96.3 billion and $ 94.6 billion, respectively.