Hundreds of PPP loan recipients have filed for bankruptcy

• ~300 companies that received Paycheck Protection Program loans — amounting up to a half billion dollars — have filed for bankruptcy, the Wall Street Journal reports, citing its analysis of government data and court filings.
• The true number is likely much higher. The analysis only included big borrowers under the program, which accounted for about half of the overall loans and only ~13.5% of total participants.
• In addition, many small businesses choose to liquidate instead of file for bankruptcy when they run out of money.
• Of the ~300 companies, many said the PPP funds weren't enough to sustain their businesses and the lack of additional stimulus further hampered their efforts to keep going.
• The government provided a total $525B in PPP loans to 5.2M companies since April, according to the Small Business Administration. The agency only releases data on the largest borrowers.
• https://seekingalpha.com/news/3637171-hundreds-of-ppp-loan-recipients-filed-for-bankruptcy-wsj