Inflation Woes: Did PPP loans $25,000 or under to ZIP Code 16403 businesses contribute to inflation?
The largest loan underneath the $25,000 threshold was $22,400, given to Covine Consulting Company.
The average PPP loan to ZIP Code 16403 businesses was $12,529.
Loans are one of the biggest drivers of inflation, which is currently decimating the U.S. economy. With more money available to residents through the PPP, the purchasing power of that money is diminished, meaning it takes more money to buy the same amount of goods as before.
Economist Mickey D. Levy argued the PPP and many other assistance programs offered during the COVID-19 pandemic sparked the inflation seen in recent months by boosting the economy beyond what it could reasonably handle.
Roughly $800 billion was injected into the U.S. economy while interest rates were low, causing people to overextend themselves at the time to land in trouble in the future, he claimed.
A 2022 study found that the PPP spent between $169,000 and $258,000 to protect one job. With the average salary of a small-business worker being around $58,000, the study found the program overspent by roughly 75 percent.
| Borrower Name | Date Approved | Loan Amount | Difference From Average Loan Amount in ZIP Code |
|---|---|---|---|
| Allegheny Professional Service | 04/08/2020 | $17,130 | $4,601 |
| Amplify Group, LLC | 04/28/2020 | $15,000 | $2,471 |
| Automerica, Inc. | 01/16/2021 | $15,500 | $2,971 |
| Belle Dental Lab, Inc. | 04/06/2020 | $7,920 | -$4,609 |
| Belle Dental Lab, Inc. | 01/23/2021 | $8,346 | -$4,183 |
| Bernard Blystone | 03/31/2021 | $8,475 | -$4,054 |
| Cambridge Springs Public Library Association | 05/01/2020 | $9,442 | -$3,087 |
| Cambridge Springs Tire Company, Inc. | 04/14/2020 | $18,484 | $5,955 |
| Christian INST Human Relations, Inc. | 04/13/2020 | $13,000 | $471 |
| Covine Consulting Company | 04/28/2020 | $22,400 | $9,871 |
| Cozi Hill Grain Farm, LLC | 01/23/2021 | $19,794 | $7,265 |
| Curlowicz, Inc. | 04/14/2020 | $9,390 | -$3,139 |
| Daniel Gourley | 03/03/2021 | $20,832 | $8,303 |
| Daryl Brown | 02/10/2021 | $20,832 | $8,303 |
| David Dunkle | 02/13/2021 | $2,123 | -$10,406 |
| David Therasse | 04/29/2021 | $8,143 | -$4,386 |
| Deerlick Trucking & Sales, LLC | 04/28/2020 | $20,832 | $8,303 |
| Dirt Rhoades Logging, LLC | 05/12/2020 | $10,820 | -$1,709 |
| Dirt Rhoades Logging, LLC | 03/20/2021 | $20,833 | $8,304 |
| Elizabeth Henry-Burnett | 02/22/2021 | $12,802 | $273 |
| Eric Laughery | 03/20/2021 | $5,395 | -$7,134 |
| FCV Tool, LLC | 07/25/2020 | $9,275 | -$3,254 |
| FCV Tool, LLC | 03/05/2021 | $9,275 | -$3,254 |
| Finney's Chocolate Shoppe, LLC | 04/15/2020 | $1,250 | -$11,279 |
| Greg Henry Gehner | 04/15/2020 | $4,000 | -$8,529 |
| Heidi S. Marcinko | 04/27/2020 | $11,000 | -$1,529 |
| Henry-Burnett Chiropractic | 05/28/2020 | $12,805 | $276 |
| James L. Taylor | 01/30/2021 | $5,700 | -$6,829 |
| John a Ferrick Construction | 06/29/2020 | $7,968 | -$4,561 |
| John Ferrick | 04/26/2021 | $20,520 | $7,991 |
| Julius P. Russell | 03/20/2021 | $20,833 | $8,304 |
| Kaleida Machining, Inc. | 07/31/2020 | $21,800 | $9,271 |
| Kaleida Machining, Inc. | 02/26/2021 | $21,800 | $9,271 |
| Kim Doctor | 01/27/2021 | $3,152 | -$9,377 |
| Kraft and Jute | 04/16/2020 | $3,200 | -$9,329 |
| Kraft and Jute | 03/06/2021 | $3,559 | -$8,970 |
| Leta Omotosho | 05/29/2021 | $10,104 | -$2,425 |
| Lost Lanes, Inc. | 04/07/2020 | $3,250 | -$9,279 |
| Martha E. Bowman | 04/10/2021 | $2,530 | -$9,999 |
| Miller Station United Methodist Church | 04/08/2020 | $1,950 | -$10,579 |
| Raymond F. Blystone | 03/30/2021 | $20,833 | $8,304 |
| Recovery Solutions Consulting & Training, Inc. | 02/20/2021 | $16,642 | $4,113 |
| Richard H. Haemer | 04/02/2021 | $2,185 | -$10,344 |
| Saint Anthony of Padua Roman Catholic Church | 04/28/2020 | $16,300 | $3,771 |
| Scott's Heating & Air Conditio | 04/07/2020 | $17,852 | $5,323 |
| Scott's Heating & Air Conditioning, Inc. | 01/28/2021 | $17,919 | $5,390 |
| Shain R. Bowers | 03/30/2021 | $20,833 | $8,304 |
| St. Anthony of Padua Roman Catholic Church | 04/20/2021 | $16,300 | $3,771 |
| St. Pauls Lutheran Church | 04/07/2020 | $8,055 | -$4,474 |
| St. Pauls Lutheran Church | 01/21/2021 | $4,030 | -$8,499 |
| Steven Lesik Jr. | 03/20/2021 | $20,833 | $8,304 |
| The Lickety Split, LLC | 02/03/2021 | $11,640 | -$889 |
| Timothy K. Wheeler | 06/10/2020 | $20,832 | $8,303 |
| Windmill Turning, LLC | 04/13/2020 | $20,825 | $8,296 |