$667 billion dollars were set aside in 2020 for businesses across the US. This program was called the Paycheck Protection Program (PPP for short). It was meant to be a stimulus package to hold over businesses who were impacted by COVID-19 lockdowns. Without revenue streams, many businesses had to lay-off workers en masse, providing a potentially catastrophic destabilization of American society. According to the Bureau of Labor Statistics, there were close to 18 million unemployed people in June of 2018. The PPP data indicates that over 31 million jobs were retained due to the program.
Without getting into the inaccuracies of the standard unemployment numbers provided by the Bureau, we can still see that laying off potentially 10% of a country’s population wouldn’t be healthy for society. In the past, the US government has provided stimulus and bailouts primarily via public spending increases and buying toxic assets from big corporations. But this stimulus was meant to directly support businesses of all sizes who were directly impacted by the lockdown. Did it server its purpose? You can be the judge of that! I’ve created a data visualization meant to help show where the money went across the nation. This visualization includes the ability to search and filter on columns of the data. In the near future, I’ll be releasing a dashboard that digs into the… more suspicious loans taken out.
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Here’s the dashboard, it’s interactive and has some additional info when you hover over data. It is configured for desktop and phones, but is better to view on desktop.:
This data was recently released regarding PPP loans. It was split into different data sets. For loans greater than $150k, data for the whole nation is provided in one data set. For loans less than $150k, data is split by state or territory into its own data set. I’ll be providing a combined data set of all loans here in a little bit, but for now this visualization is for loans greater than $150k.
Some interesting takeaways from this visualization:
- Allegedly nearly 10% of the US population’s jobs were retained due to the program
- There were TONS of misspellings and bad data entry
- The majority of loans were in the $150k-$300k range
P.S. Check out the next visualization here, where I take a deeper look at the PPP data.
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