Newsday, August 1, 2020: Law, CPA firms got more PPP loans than other sectors, Newsday analysis shows
Law offices, accounting firms and other similar professional offices received more than twice as many coronavirus-relief loans on Long Island as did hard-hit restaurants and hotels, according to a Newsday analysis of federal loan data.
The professional, scientific and technical services industry, which includes lawyers and accountants, topped the list of Paycheck Protection Program loans made in Nassau and Suffolk counties as of June 30, the latest data available, with 9,515 loans. The sector accounted for nearly 15% of the 65,426 loans in the four congressional districts that encompass most of the Island.
In contrast, the accommodation and food services industry, which includes hotels, motels, restaurants, bars and delis, received 4,078 loans, or 6%, the analysis shows.
