The Manhattan Chamber of Commerce released data on the distribution of federal Paycheck Protection Program (PPP) loans in New York City as of July 2021.

The data show that PPP injected more than $30 billion into the city’s economy and help retain 3.2 million jobs in the city during the COVID crisis.

“PPP has been the single-biggest stabilizer for our city’s small businesses during the COVID crisis,” said Jessica Walker, President and CEO of the Manhattan Chamber of Commerce. “It has not been perfect insofar as the application process is confusing, communities of color have been disadvantaged and some businesses are not eligible, but without it, we would have seen far more layoffs and business closures.”