Treasury names 650K small businesses receiving government loans

FILE - In this June 30, 2020 file photo, Treasury Secretary Steven Mnuchin testifies during a House Financial Services Committee hearing on the coronavirus response on Capitol Hill in Washington. The Treasury Department said it is releasing on Monday, July 6 the names of more than 700,000 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 (Tasos Katopodis/Pool via AP, File)

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.

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