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Improvement companies, monetary companies accounted for greater than half of business PPP mortgage candidates

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A evaluation of knowledge from the U.S. authorities’s Payroll Safety Program confirmed that greater than half of the companies that sought and acquired funding had been centered on improvement or monetary companies.

 

Improvement companies, monetary companies accounted for greater than half of business PPP mortgage candidates

The smallest classes embody {hardware}, mining and buying and selling platforms, as the information reveals.

As The Block beforehand reported, numerous companies within the cryptocurrency and blockchain business utilized for and acquired PPP loans, that are designed to offer monetary assist to corporations coping with the financial fallout of the coronavirus pandemic. Mortgage recipients are supposed to make use of the funds to retain staff and assist operations.

Business companies recognized within the information embody derivatives platform LedgerX and Ethereum blockchain studio ConsenSys. The Block additionally utilized for and acquired a PPP mortgage. The Block Analysis analyzed the information behind PPP loans acquired by the almost 70 crypto companies. 

Learn The Block Analysis’s full PPP information breakdown right here.

© 2020 The Block Crypto, Inc. All Rights Reserved. This text is supplied for informational functions solely. It isn’t supplied or meant for use as authorized, tax, funding, monetary, or different recommendation.



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