1.5% of Paycheck Protection Program funds helped agribusiness
A Small Business Administration report shows only 1.5% of the Paycheck Protection Program funding was awarded to agribusinesses.
The SBA says employers in rural areas account for nearly 980 thousand loans worth 79.8 billion dollars, or about 20% of all PPP loans, but the dollars going towards the agriculture, forestry, fishing, and hunting sector add up to just 7.9 billion of that. The ag sector had a total of just over 139-thousand PPP loans, which was 17th out of 21 categories.
Most of the PPP loans were processed by over 42-hundred banks and 900 credit unions, but 54 farm credit lenders processed 15 thousand of the loans totaling 1.3 billion dollars.
Overall, more than 54-hundred lenders processed 4.8 million PPP loans totaling more than 521 billion dollars as of June 30th. Eighty-six percent of all loans were for less than $150,000.
The Wisconsin Bankers Association did a breakdown of how the program impacted their state. WBA says more than 12-thousand loans were made in the Badger state supporting 619-thousand jobs with the most applications coming from the Milwaukee, Madison, and Green Bay areas.