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More than half of Colorado’s $15.1 billion Paycheck Protection loans have been forgiven

Information reaching us says Denver breakfast chain Snooze made it by means of the primary yr of COVID-19 due to a $10 million Paycheck Safety Program mortgage. Snooze’s mortgage was forgiven on June 11, in line with information offered by the United States Small Enterprise Administration.

Similar with Intrepid Potash, a Denver fertilizer producer that mentioned it obtained full forgiveness of its $10 million Paycheck Safety Program mortgage as of June 30. The publicly traded firm talked about it in its second-quarter outcomes earlier this month.

They be a part of practically half of the 200,000 Paycheck Safety Program loans made to Colorado small companies that had been forgiven as of July 1. About 55% of Colorado’s mortgage worth additionally had been forgiven. The cash offered $15.1 billion to spice up the state’s economic system and helped out 145,000 companies survive, with about one-third choosing a second mortgage this yr. Nationwide,11.5 million loans have been made to eight.5 million companies. The SBA mentioned about 59% of the $800 billion in whole loans had been forgiven as of Aug. 15.

The federal loans have been meant to maintain staff employed and offered about two months of payroll. However it was the lure of 100% forgiveness that attracted thousands and thousands of candidates. Small and huge companies flooded the Paycheck Safety Program system when it opened in April 2020. The preliminary $349 billion pool was depleted in two weeks. Congress shortly added billions extra inside weeks after which this yr, gave debtors an opportunity for a second mortgage. The SBA, which managed this system, added new guidelines to maximise help for the smaller firms.

Similar to Colorado’s inhabitants, most Paycheck Safety Program loans went to companies situated within the Entrance Vary. However a handful of different counties landed within the high 20, together with Summit County, which ranked 16 for variety of loans authorised — bringing companies $145.5 million in authorised loans.

 

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