More than half of Colorado’s $15.1 billion Paycheck Protection loans have been forgiven
Summit County businesses were loaned a total of $145.5M
DENVER — Denver breakfast chain Snooze made it through the first year of COVID-19 thanks to a $10 million Paycheck Protection Program loan. Snooze’s loan was forgiven on June 11, according to data provided by the U.S. Small Business Administration.
Same with Intrepid Potash, a Denver fertilizer manufacturer that said it received full forgiveness of its $10 million Paycheck Protection Program loan as of June 30. The publicly traded company mentioned it in its second-quarter results earlier this month.
They join nearly half of the 200,000 Paycheck Protection Program loans made to Colorado small businesses that had been forgiven as of July 1. About 55% of Colorado’s loan value also had been forgiven. The money provided $15.1 billion to boost the state’s economy and helped out 145,000 businesses survive, with about one-third opting for a second loan this year. Nationwide,11.5 million loans were made to 8.5 million businesses. The SBA said about 59% of the $800 billion in total loans had been forgiven as of Aug. 15.
The federal loans were meant to keep workers employed and provided about two months of payroll. But it was the lure of 100% forgiveness that attracted millions of applicants. Small and large businesses flooded the Paycheck Protection Program system when it opened in April 2020. The initial $349 billion pool was depleted in two weeks. Congress quickly added billions more within weeks and then this year, gave borrowers a chance for a second loan. The SBA, which managed the program, added new rules to maximize support for the smaller companies.
Just like Colorado’s population, most Paycheck Protection Program loans went to businesses located in the Front Range. But a handful of other counties landed in the top 20, including Summit County, which ranked 16 for number of loans approved — bringing businesses $145.5 million in approved loans.
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