Economics
Fed Releases Loan Details on Paycheck Protection Facility
- Lenders based in Utah and California have received most so far
- Program details shared as part of Fed efforts for transparency
A closed restaurant is seen in the Ironbound district of Newark, New Jersey, on May 6.
Photographer: Sarah Blesener/BloombergThis article is for subscribers only.
The Federal Reserve on Saturday published a spreadsheet of thousands of loans to regional banks in support of the Treasury Department’s Paycheck Protection Program to aid small businesses during the Covid-19 pandemic.
A breakdown of where the money went by state shows that as of May 6, the most recent date for which loan details were provided, lenders based in Utah and California had received the most, about $2.96 billion each. They were followed by New Jersey at $2.5 billion and Wisconsin at $1.75 billion.