There were eight PPP loans issued in Iowa during the week ending June 7. The average loan size in the state was between $150,000 to 350,000.
There are approximately five million approved PPP loans with a total of $517,451,965,102 set aside for funding, according to the Small Business Administration. The average loan size was around $105,000 with over 5,000 lenders currently participating in the program.
The program was slow to get off the ground when it was crushed by an onslaught of would-be applicants. Another major criticism of the program pertained to who was receiving the loans. A program that was meant for small businesses witnessed the Los Angeles Lakers receive $4.6 million from the program. The Lakers qualified for the program under the rules as written but returned the funds according to a Laker’s statement provided to news outlets.
| Recipients | Date Received | Dollar Amount Received |
|---|---|---|
| Diversified Management Solutions, Inc. | 2020-06-02 | $1-2 million |
| Dave Gryp Construction, Inc. | 2020-06-02 | $150,000-350,000 |
| Area Residential Care, Inc. | 2020-06-03 | $1-2 million |
| Lansing Housing Corporation | 2020-06-03 | $350,000-1 million |
| Marx Truck Trailer Sales, Inc. | 2020-06-03 | $150,000-350,000 |
| MTM Trucking, LLC | 2020-06-03 | $150,000-350,000 |
| Louscher Family Dentistry, LLC | 2020-06-04 | $150,000-350,000 |
| Royal Plumbing | 2020-06-05 | $350,000-1 million |
Alerts Sign-up