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U.S. Budget Deficit in June Hits Record $864 Billion

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The United States budget deficit hit another monthly record in June, growing to $864 billion, according to the Treasury Department. In May, it was $399 billion and in April it was $738 billion, another record.

For June, the bulk of the spending went to loans for small businesses as part of the Paycheck Protection Program (PPP), a government loan program for businesses impacted by coronavirus lockdowns. Last week, the White House released a list of companies that received loans from the PPP of more than $150,000.

In total, the PPP authorized $520 billion for nearly 5 million businesses. Loans of over $150,000 went to 13.5% of total recipients. Restaurants, car dealerships, and medical offices got the largest loans from the program.

So far for fiscal 2020, the deficit is $1.99 trillion.

Related video: PPP Access: Are Minority Small Business Owners Facing Discrimination?

If a second stimulus package—needed to put money in Americans' wallets—is passed, it would set the U.S. back between $1 trillion and $3 trillion. 

There are more than 3 million confirmed cases of the coronavirus in the U.S. with more than 135,000 deaths, according to data from Johns Hopkins.

Disclosure: TheMaven Inc., the parent company of TheStreet, received a loan from the Paycheck Protection Program.

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