Manhattan Chamber of Commerce Report: Federal PPP Program Saved 2.7M NYC Jobs

Data released by the Manhattan Chamber of Commerce on April 8, 2021 revealed that the distribution of 230,747 federal Paycheck Protection Program (PPP) loans totaling $24.8 billion has been injected into the city’s economy as of February 27, 2021, helping to retain nearly 2.7 million city jobs during the COVID-19 crisis. Other key findings indicated that nearly 81% of all loans went to businesses with 10 or fewer employees; and the number of loans in each borough roughly align with the percent of businesses located in that borough.