More than half of U.S. veterinary practices received Paycheck Protection Program loans totaling an estimated $2.1 billion, according to U.S. Small Business Administration data analyzed by the AVMA.
At least 18,657 veterinary practices were helped by the federal program created by the Coronavirus Aid, Relief, and Economic Support Act to encourage small businesses to keep workers on the payroll.
The SBA, which oversees the loan program, has issued PPP loans totaling more than $519 billion since the program launched in April.
Loan proceeds may be used to cover payroll costs, rent, interest, and utilities. The loan may be partially or fully forgiven if the business keeps its employee count and employee wages stable.
At least 201,900 veterinary jobs were protected with PPP loans, according to SBA data, while over 80% of loans taken out by individual practices were for less than $150,000.
Unsurprisingly, the greatest amount of PPP loan money to veterinarians occurred in states with the most veterinarians: California, $200 million; Texas, $160 million; Florida, $141 million; New York, $109 million; and Illinois, $83 million.
Likewise, the least amount of loan money went to veterinarians in Guam, $345,000; the Virgin Islands, $482,000; Puerto Rico, $2.9 million; Washington, D.C., $3.2 million; and Alaska, $4 million.
The deadline to apply for a PPP loan has been extended twice so far. As of press time, the latest extension was to Aug. 8.