TAP Into, July 20, 2020: Payroll Protection Program Funds Went to Support Over 9,500 Jobs in Newark
New Jersey-specific data regarding the distribution of loans made under the Payroll Protection Program were released by the United States Small Business Administration and the Treasury Department, showing corporations in Newark were the primary beneficiaries of the federal relief line.
The $521 billion program, part of the bipartisan CARES packages, provides direct incentives for employers to retain workers on their payrolls. Statewide, 531,360 jobs were salvaged through $4.5 billion in PPP loans.
