THE WHAT? Square Capital has announced that beauty and personal care companies are the biggest borrowers of PPP loans by industry sector, according to a report by Reuters. 

THE DETAILS A unit of payments company Square Inc, Square Capital has issued more than $820 million of loans to small businesses as companies look to survive amidst the COVID-19 pandemic. 

Loans of approximately $11,000 were issued to more than 76,000 companies as part of the U.S. government’s Paycheck Protection Program, which will be forgiven if more than 75 percent is spent on payroll. 

THE WHY? The beauty and personal care sector has been hit hard by the lockdown measures implemented amidst COVID-19, with consumers being forced to stay home due to the restrictions, spending less on beauty items as a result.  

The loans have been criticized for their slow roll outs due to technical glitches, as well as being provided to larger businesses that are said to have more accessible disposable income.