The Small Business Administration has been releasing data about its popular coronavirus relief initiatives, the Paycheck Protection Program, in a bid to enhance transparency – which has revealed that some states have received more funding than others.
The purpose of the Paycheck Protection Program was to incentivize companies with fewer than 500 employees to retain staff despite difficult economic conditions that resulted from the pandemic. Applicants were eligible to receive up to $10 million, which can be forgiven in certain cases. A majority of the money must be put toward payroll costs – while the remainder can be used for mortgage interest, utilities and rent.
The program was extended to allow businesses to apply for funding through Aug. 8, but lawmakers who are working on details for another stimulus bill are said to be discussing extending the program further and perhaps tailoring relief to smaller companies.
As of July 17, the SBA had approved nearly 5 million loans worth more than $518.3 billion. The majority of the loans were given to businesses with less than $10 billion in assets.
Here’s a look at which states received the most funding through the program, according to data compiled by HowMuch.net.
Funding: $68.2 B
Loan count: 581,140
Funding: $41 B
Loan count: 389,396
Funding: $38.3 B
Loan count: 323,903
Funding: $32 B
Loan count: 393,028
Funding: $22.5 B
Loan count: 202,143