Just 1,600 businesses in Pennsylvania, New Jersey and Delaware businesses received Economic Injury Disaster Loans (EIDL) worth in excess of $320 million, according to data released by the U.S. Small Business Administration on Tuesday.
A significantly larger number — 52,000 businesses in those three states — partook in a connected program that offered cash advances worth almost $225 million to help tide them over during the coronavirus pandemic that has caused a world economic shutdown, the Philadelphia Business Journal reports.
The $10 billion EIDL program is intended to help small businesses and nonprofits replace short-term lost revenue by allowing them to meet pressing non-payroll expenses and to prepare to rebuild operations. Small businesses started applying for EIDLs on March 16 for loans up to a $2 million cap, if necessary, as much as an immediate $10,000 emergency cash advance.
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In total, EIDL produced 26,919 loans for a total of $5.56 billion. More than a quarter ($1.49 billion) went to California businesses, which also secured three times as many loans (6,820) as the next the second highest state, Florida (2,098). New Jersey ranked No. 8 with 808 loans and Pennsylvania 11th with 700. Garden State businesses secured a combined $164 million, while their Pennsylvania counterparts landed $138 million. Tiny Delaware saw 78 businesses secured loans worth a combined $17.6 million.