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Nearly 300 companies that got up to $500 million in US government stimulus aid have filed for bankruptcy. They employed 23,000 people, a WSJ analysis found.

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Nearly 300 companies that received up to $500 million in coronavirus-related government loans have filed for bankruptcy, an analysis has found.

An analysis of government data and court filings by the Wall Street Journal revealed that 285 American firms that obtained Paycheck Protection Program (PPP) loans in April eventually ran out of money.

The government awarded between $228 million and $509 million to these businesses that filed for bankruptcy, the Journal reported. The government only publishes ranges of loan costs, rather than a single figure.

The companies, which employed 23,400 workers altogether, collectively came from nearly every details ⇒

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