Where Did the Paycheck Protection Program Money Go? Loans By State, Industry and Size

A list of approved Paycheck Protection Program (PPP) loans by state or territory, industry and by loan size.

SBA-PPP-loans-issued

The average approved under the now maxed out Paycheck Protection Program (PPP) was $206,000, and 74% of loan amounts were under $150,000.

That’s according to the Small Business Administration and the U.S. Treasury Department.

The two administrators of the PPP released additional figures for the program on Friday, detailing how much in loans were approved by industry, state and size of loan. The total dollar amount of approved loans was less than the $349 billion public number because it doesn’t include reimbursements to the lenders.

The PPP, which provided low-interest loans that were eligible for forgiveness if the borrower used 75% or more of it to maintain payroll, hit the maximum amount allocated by Congress in the CARES Act earlier this week. The rollout of the program was described as messy and chaotic by both small businesses and many of the lenders that participated.

Despite the confusion, a vast number of small businesses applied for the loans. Many businesses were unable to get access to the funds in time, however, and are now scrambling.

Republicans and Democrats in Congress remain deadlocked on replenishing the program with an additional $250 billion.

PPP Loans By State

Texas, California and Florida topped the states in number of approved loans. New York, the hardest hit state in terms of COVID-19 infections, was fourth in number of loans but above Florida in total amount of approved loan dollars.

Washington state, another that was hit hard by infections and early lockdowns, was 21st in terms of number of approved loans.

PPP-loans-by-state

State/Territory Approved Loans Approved Loan Dollar Total
Texas 134737 $28,483,710,273.00
California 112967 $33,413,693,192.00
Florida 88997 $17,863,199,837.00
New York 81075 $20,345,681,101.00
Illinois 69893 $15,972,578,071.00
Pennsylvania 69567 $15,697,648,689.00
Ohio 59800 $14,108,889,927.00
Georgia 48332 $9,464,475,442.00
Massachusetts 46937 $10,360,907,178.00
Missouri 46481 $7,547,822,023.00
Minnesota 46383 $9,014,060,040.00
Michigan 43438 $10,381,310,070.00
Wisconsin 43395 $8,317,705,842.00
Colorado 41635 $7,392,960,359.00
Virginia 40371 $8,721,170,223.00
North Carolina 39520 $8,005,752,270.00
Indiana 35990 $7,491,445,351.00
Oklahoma 35557 $4,615,708,450.00
Tennessee 34035 $6,542,045,089.00
New Jersey 33519 $9,527,794,260.00
Washington 30421 $6,959,680,159.00
West Virginia 30421 $6,959,680,159.00
Iowa 29424 $4,315,688,444.00
Alabama 27922 $4,862,690,120.00
Louisiana 26635 $5,100,534,501.00
Kansas 26245 $4,288,652,108.00
Maryland 26068 $6,537,733,687.00
Kentucky 23797 $4,149,467,684.00
Nebraska 23477 $2,988,890,489.00
South Carolina 22933 $3,807,578,397.00
Arkansas 21754 $2,722,726,557.00
Utah 21257 $3,695,399,459.00
Mississippi 20748 $2,481,000,606.00
Arizona 19280 $4,846,959,062.00
Oregon 18732 $3,806,104,476.00
Connecticut 18435 $4,151,934,451.00
Maine 14993 $1,944,425,549.00
Idaho 13627 $1,850,034,026.00
Montana 13456 $1,470,300,136.00
New Hampshire 11582 $2,006,858,477.00
Hawaii 11553 $2,046,450,982.00
South Dakota 11324 $1,369,616,339.00
North Dakota 11002 $1,548,384,035.00
Nevada 8674 $2,013,939,889.00
New Mexico 8277 $1,424,408,711.00
Rhode Island 7732 $1,335,777,801.00
Wyoming 7618 $837,018,372.00
Vermont 6983 $1,000,127,478.00
Delaware 5171 $1,090,415,848.00
Alaska 4842 $921,927,504.00
Washington, D.C. 3253 $1,247,218,727.00
Puerto Rico 2856 $658,573,638.00
Guam 508 $102,418,346.00
Virgin Islands 240 $62,242,612.00
Northern Mariana Islands 56 $12,619,835.00
American Samoa 2 $419,583.00

PPP Loans By Industry

Construction, Professional, Scientific and Technical Services, and Manufacturing topped the list of sectors by percentage of approved PPP loans.

Accommodation and Food Services, which contains bars and restaurants, as well Retail and Wholesale were further down at 5th, 6th and 7th, despite being some of the hardest hit industries due to wide scale closures.

Sector Approved Loans Approved Loan Dollars Percentage of Total
Construction 177,905 $44,906,538,010 13.12%
Professional, Scientific, and Technical Services 208,360 $43,294,713,938 12.65%
Manufacturing 108,863 $40,922,240,021 11.96%
Health Care and Social Assistance 183,542 $39,892,493,481 11.65%
Accommodation and Food Services 161,876 $30,500,417,573 8.91%
Retail Trade 186,429 $29,418,369,063 8.59%
Wholesale Trade 65,078 $19,489,410,472 5.69%
Other Services (except Public Administration) 155,319 $17,707,077,167 5.17%
Administrative and Support and Waste Management and Remediation Services 72,439 $15,285,814,286 4.47%
Real Estate and Rental and Leasing 79,784 $10,743,430,227 3.14%
Transportation and Warehousing 44,415 $10,598,076,231 3.10%
Finance and Insurance 60,134 $8,177,041,995 2.39%
Educational Services 25,198 $8,062,652,288 2.36%
Information 22,825 $6,675,630,276 1.95%
Arts, Entertainment, and Recreation 39,670 $4,939,280,138 1.44%
Agriculture, Forestry, Fishing and Hunting 46,334 $4,374,343,877 1.28%
Mining, Quarrying, and Oil and Gas Extraction 11,168 $3,894,793,207 1.14%
Public Administration 5,570 $1,197,353,586 0.35%
Managment of Companies 3,211 $1,170,748,130 0.34%
Utilities 3,247 $1,027,575,137 0.30%

PPP Loans By Size of Loan

The largest majority of loans approved were for less than $150,000. However, the largest share percentage of loan amounts approved were for those between $350,000 and $1 million.

Loan Size Approved Loans Approved Dollars Percentage of Total Loans Percentage of Total Loan Dollars
$150K and Under 1,229,893 $58,321,791,761 74.03% 17.04%
>$150K – $350K 224,061 $50,926,354,675 13.49% 14.88%
>$350K – $1M 140,197 $80,628,410,796 8.44% 23.56%
>$1M – $2M 41,238 $57,187,983,464 2.48% 16.71%
>$2M – $5M 21,566 $64,315,474,825 1.30% 18.79%
>$5M 4,412 $30,897,983,582 0.27% 9.03%
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