A list of approved Paycheck Protection Program (PPP) loans by state or territory, industry and by loan size.
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.
|State/Territory||Approved Loans||Approved Loan Dollar Total|
|Northern Mariana Islands||56||$12,619,835.00|
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|
|Professional, Scientific, and Technical Services||208,360||$43,294,713,938||12.65%|
|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%|
|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%|
|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%|
|Managment of Companies||3,211||$1,170,748,130||0.34%|
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%|