There were 17 PPP loans issued in Iowa during the week ending May 17. 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 |
|---|---|---|
| Grand View University | 2020-05-11 | $2-5 million |
| Lifeworks, Inc. | 2020-05-11 | $350,000-1 million |
| Nelson Manor, Inc. | 2020-05-11 | $150,000-350,000 |
| ZPH Cleaning Solutions, LLC | 2020-05-11 | $150,000-350,000 |
| Fluidyne Corporation | 2020-05-12 | $150,000-350,000 |
| Artesian Earthworks, LLC | 2020-05-13 | $150,000-350,000 |
| C Design, Inc. , P L | 2020-05-13 | $150,000-350,000 |
| Cribbs Landscaping, Inc. | 2020-05-13 | $150,000-350,000 |
| Labor Force, Inc. | 2020-05-13 | $150,000-350,000 |
| Skeffington's Formal Wear of IA, Inc. | 2020-05-13 | $150,000-350,000 |
| Zimmerman Auto, LLC | 2020-05-13 | $150,000-350,000 |
| Mount Mercy University | 2020-05-14 | $2-5 million |
| Keystone Laboratories, Inc. | 2020-05-14 | $350,000-1 million |
| Goldfield Holdings, LLC | 2020-05-14 | $150,000-350,000 |
| Guthrie County Rural Electric Cooperative Association | 2020-05-15 | $150,000-350,000 |
| Julian Unleashed Incorporated | 2020-05-15 | $150,000-350,000 |
| Danville Mutual Telephone Company & Subsidiaries | 2020-05-17 | $150,000-350,000 |
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