News from: Coachella Valley Economic Partnership (CVEP)
Coachella Valley Economic Partnership (CVEP) has released its Coachella Valley PPP Loan Data Analysis Report. The Report clarifies and emphasizes key characteristics of the loans granted in the Coachella Valley.
“This report shines a light on the impact of the PPP Loan to Coachella Valley businesses.” said Laura James, Vice President of Innovation at CVEP. “If employee retention conditions are met, these loans are fully forgivable. This means that for many businesses, the PPP is effectively a grant program.”
Some key takeaways from the PPP Loan Data Analysis Report:
• A total of 5,451 loans were awarded, with the greatest majority (87%) being loans less than $150,000
• A total of $171,744, 066 of loans under $150,000 were administered with the average loan being $36,133
• There were 696 loans above $150,000 conferred, with two-thirds valued between $150,000-$350,000
• A total of 66,750 jobs (42%) were retained in the Coachella Valley thanks to the PPP loan awards
The Report is available to view at cvep.com/intelligence.
The mission of the Coachella Valley Economic Partnership is to incite vision-driven transformation in the Greater Palm Springs region. Established in 1994, the nonprofit organization has emerged as a vital innovator of regional business development initiatives by fostering entrepreneurship and diversifying industry. As the only regional entity with the capacity to execute technology-led economic development, the partnership promotes a diversified, year-round economy by facilitating programs that stimulate job creation in key industries through business attraction, retention, and expansion. Visit www.cvep.com or call 760-340-1575.