Development firms, financial services accounted for more than half of industry PPP loan applicants

A review of data from the U.S. government's Payroll Protection Program showed that more than half of the firms that sought and received funding were focused on development or financial services.


The smallest categories include hardware, mining and trading platforms, as the data shows.

As The Block previously reported, various firms in the cryptocurrency and blockchain industry applied for and received PPP loans, which are designed to provide financial support to companies dealing with the economic fallout of the coronavirus pandemic. Loan recipients are supposed to use the funds to retain employees and support operations.

Industry firms identified in the data include derivatives platform LedgerX and Ethereum blockchain studio ConsenSys. The Block also applied for and received a PPP loan. The Block Research analyzed the data behind PPP loans received by the nearly 70 crypto firms. 

Read The Block Research's full PPP data breakdown here.