The Paycheck Protection Program meant to keep workers employed at small businesses during the first months of the coronavirus pandemic saved 3.3 million jobs in Florida, the Miami Herald reported.
Citing new data released Tuesday by the Small Business Administration, the Herald reported the program spent $31.93 billion and saved an additional 100,000 jobs in Florida. The July calculation for Florida was 3.2 million saved jobs.
The new data released by the federal government — after lawsuits from multiple media organizations — also included the names of all loan recipients, not just those who’d received over $150,000, and provided an updated look at a program that was extended until August.
The new data showed that the rapid application and approval process also made PPP loans an easy vehicle for fraud, the Herald reported. One Miami-based businessman, for example, received $3.9 million in PPP loans despite monthly revenues and expenses at his moving business totaling about $200,000. He was arrested after buying a $300,000 Lamborghini with taxpayer money.
The Herald reported multiple South Florida companies received $10 million, the largest PPP loan available, including gym company Youfit, national law firm Boies Schiller Flexner LLP, fiber optic telecommunications company Hotwire Communications, regional airline Silver Airways, and Miami-based law firm Cole, Scott & Kissane.
In total, 423,134 loans were granted to Florida-based entities.
In Miami-Dade, Broward, and Monroe counties, the program saved about 1 million jobs, the Herald said the data showed.
On Tuesday, a bipartisan group of lawmakers unveiled a $908 billion coronavirus relief package in an effort to break a months-long stalemate between House Speaker Nancy Pelosi, D-Calif., and Senate Majority Leader Mitch McConnell, R-Ky. That package includes $288 billion for another round of PPP funding.
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