WASHINGTON (AP) - The Treasury Department on Monday released the names of more than 650,000 companies that received funds from the government's small business lending program, a massive effort intended to support the economy as states shut down in April to contain the viral outbreak.
Treasury identified just a fraction of the total borrowers, naming only those companies that got more than $150,000. Those firms made up less than 15% of the nearly 5 million small companies that received loans.
The average loan amount for the entire program was $107,000, the Treasury Department said in a broad summary of the program. The government handed out $521 billion through the paycheck protection program, a crucial piece of the government's $2 trillion rescue package. The loans can be forgiven if the businesses mostly use the money to continue paying their workers.