Majority of PPP loans to newspaper companies were less than $150K; companies receiving larger loans reported more jobs on average than those with smaller loans Average number of newspaper % of panies PPP loans to newspaper com panies that were newspaper
The vast majority of these PPP loans were relatively small in size. About eight-in-ten (84%) were for less than $150,000, 9% ranged from $150,000 to $350,000, 4% were between $350,000 and $1 million, and about 3% were $1 million or more. This was about on par with PPP loans across all industries, of which 87% were less than $150,000, according to the SBA. In the data released by the SBA, loans were broken out into six different ranges and these ranges are used throughout this report.
Out of the 2,778 self-identified newspaper companies that received PPP loans, 2,435 provided employment figures. In total, that amounted to an estimated 40,236 employees, with an average of 14 employees per loan. Companies that received loans that were less than $150,000 reported six jobs per loan on average, those with loans in the $150,000-$350,000 range reported 26 jobs on average and companies with loans ranging from $350,000 to $1 million reported 53 on average. Companies with loans issued for more than $1 million tended to have more jobs per loan on average, but these larger loans made up only a small share of the total number issued. Since 12% of newspaper companies that received PPP loans did not report their number of employees, it is likely that the number of newspaper employees within companies that received loans is higher.
Majority of PPP loans to newspaper companies were less than $150K; companies  | receiving larger loans reported more jobs on average than those with smaller loans  | Average number of newspaper  | % of panies PPP loans to newspaper  | Number of PPP loans  | com panies that were newspaper  | jobs per loan  | Less than $150K  | 84%  | 2.325  | 26  | $150K $350K 9  | 261  | $350K- $1M  | 53  | 120  | $1M $2M  | 125  | 40  | 204  | $2M- $5M 1  | 28  | $5M $10M <1  | 475  | Note: Data represents 2.778 companies within the newspaper publishing industry that received Paycheck Protection Program (PPP) loans in  | all U.S. states and D.C. Data for canceled or unapproved loans is not included in this analysis In this data, 2. .435 newspaper companies  | provided employment figures Loan ranges referred to in this chart are taken directly from the data Data includes all loans approved as of  | Aug 8. 2020  | Source: Pew Research Center analysis of Small Business Administration Paycheck Protection Program loan data  | PEW RESEARCH CENTER 