There were 12 PPP loans issued in Iowa during the week ending June 28. 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 |
|---|---|---|
| Farmers Hen House Group, Inc. | 2020-06-22 | $350,000-1 million |
| Stepping Stones Early Learning Center, Inc. | 2020-06-23 | $150,000-350,000 |
| Vrban Fire Protection, Inc. | 2020-06-23 | $150,000-350,000 |
| Iowa Transportation Services | 2020-06-24 | $150,000-350,000 |
| Spirit Lake Silver & Gold, Inc. | 2020-06-24 | $150,000-350,000 |
| Dykstra Dairy | 2020-06-25 | $350,000-1 million |
| Arnold Refrigeration, Inc. | 2020-06-25 | $150,000-350,000 |
| Douglas W. Silhanek, Inc. | 2020-06-25 | $150,000-350,000 |
| Iowa Sleep Disorders Center, P.C. | 2020-06-25 | $150,000-350,000 |
| M&e Cunningham Corporation | 2020-06-25 | $150,000-350,000 |
| Farmers Edge US, Inc. | 2020-06-26 | $2-5 million |
| Jaspersen Insurance & Real Estate, Ltd. | 2020-06-26 | $150,000-350,000 |
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