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Santa Cruz Standard

Wednesday, December 4, 2024

Great Central Transport, Inc. receives a PPP loan between $350K-$1M on April 28

Genbusiness010

Great Central Transport, Inc. received a Paycheck Protection Program loan for between $350,000 and $1 million on April 28, according to the US Treasury Department.

There were 42,728 PPP loans issued in California during the week ending May 3 and the average loan amount was between $150,000 and $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.

Breakdown of PPP Lending during week of May 3
Apr 27Apr 28Apr 29Apr 30May 1May 2May 3
$5-10 million614910253254
$2-5 million32323380122532233
$1-2 million64557821129820716596
$350,000-1 million21302538931142813241203251
$150,000-350,000360550122462358140253698151

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