Maryland businesses have received more than $10 billion in loans from the federal Paycheck Protection Program, according to data the U.S. Small Business Administration and Treasury Department released Monday.
Since the $521 billion program was launched to curtail job losses in the midst of the COVID-19 pandemic, nearly 5 million loans have been awarded, federal officials reported — 81,315 to Maryland businesses and nonprofit organizations.
The loans, which don’t need to be paid back if used for certain purposes, such as payroll, ranged from $50,000 or less to more than $5 million per business. Nationwide, 86% of all loans awarded were for less than $150,000, and the average award was $107,000.
Hogan Companies, an Annapolis-based real estate group founded by Republican Gov. Larry Hogan, received a loan in the $150,000 to $350,000 range, according to the federal data. Hogan stepped aside from running the company when he was elected, and it is now managed by the governor’s younger brother, Timothy Hogan. Timothy Hogan could not be reached Monday for comment.