The States That Received The Most (And Least) In PPP Funds

A major component of the 2 trillion dollar CARES Act was the Paycheck Protection Program.

The mission of the PPP was to help small businesses keep the lights on and their workers employed. However, after the Small Business Administration released information on the companies who received loans- some as high as 10 million- doubt was cast. After all, Kanye West’s Yeezy brand is hardly a mom and pop store.

It begged the question- were the PPP loans fairly distributed and who received them? Did some states, in particular those of certain political leanings, receive more than their share?

We examined the data to determine which states received the most in PPP funds, and which were short changed.

The 10 states that received the most in PPP funds

From a regional look, the Northeast and Midwest took home the most in funds– making up the entire top 10. You can see the total amount they received below, after a breakdown on the states that received the lion’s share of funds.

How We Determined This

The bulk of our data came from the US Treasury’s release on PPP loan level data. Loans less than $150,00 had an exact dollar amount that we added to the total loan amount per state. For loans higher than $150,000, rather than provide a specific value, the Treasury provided brackets:

$5-10 million
$2-5 million
$1-2 million
$350,000-1 million
$150,000-350,000

For each bracket, we went with the lowest amount, since we can safely say they received at least that much. We then combined the under 150k and above 150k loan total for each state. After we had the numbers, we then divided the total by the state’s population to determine which states received the most in dollar amounts based on their population.

Additionally, from this data, we took the number of job saved by the PPE and the total number of loans issued per state. Not all businesses have reported the number of jobs saved by the loan, and have 26 weeks to do so– so these numbers may change as more businesses report their totals.

Other numbers used throughout the article such as the percent of jobs saved come from the BLS.

1. North Dakota

Amount Loaned: $1,358,372,594
Jobs Saved: 176,208
Number Of Loans:19,724
Amount Per Person: $1,782

North Dakota saw the larges amount of loans for their size. A total $1,782 for every person who lives there was distributed to businesses owners in the The Peace Garden state. The staggering 19,724 loans issued secured 176,208 jobs during these troubling economic times. If that number small when compared to larger states, the fact that it accounts for about 40% of jobs in the state will put it into perspective.

2. Massachusetts

Amount Loaned: $10,736,321,118
Jobs Saved: 1,143,511
Number Of Loans:112,996
Amount Per Person: $1,545

In 2nd place, we have Massachusetts. Business owners in the state received an impressive $10,736,321,118 in loans under the PPP. Those businesses employ 1,143,511 Massachusetts residents.

3. Vermont

Amount Loaned: $927,958,248
Jobs Saved: 113,838
Number Of Loans:11,929
Amount Per Person: $1,487

Vermont is a tiny state– but it received a disproportionately high amount of PPP loans. The $927,958,248 in loans saved a reported 113,838 jobs. That is 36% of the jobs held by Vermont residents.

4. Minnesota

Amount Loaned: $8,373,169,779
Jobs Saved: 1,090,506
Number Of Loans:98,136
Amount Per Person: $1,485

The Land of 10,000 Lakes received 98,136 Paycheck Protection Program loans for $8,373,169,779. That comes out to $1,485 per Minnesota resident given to Minnesota businesses and over a million jobs saved.

5. New York

Amount Loaned: $28,682,495,350
Jobs Saved: 3,162,720
Number Of Loans:323,900
Amount Per Person: $1,474

In 5th place we have New York. Not only did the state receive a large part of of the trillions of dollars administered (7%), it received a large chunk per resident. The impressive 323,900 in loans secured over 3 million jobs.

6. New Jersey

Amount Loaned: $13,001,347,334
Jobs Saved: 1,456,455
Number Of Loans:147,548
Amount Per Person: $1,464

Right below New York is it’s neighbor New Jersey. New Jersey received $13,001,347,334 in loans. Those loans totaled an impressive $13,001,347,334.

7. South Dakota

Amount Loaned: $1,288,486,588
Jobs Saved: 181,633
Number Of Loans:22,507
Amount Per Person: $1,456

South Dakota only received 0.33% of the total PPP loans. However, that .33% goes pretty far in sparsely populated South Dakota. The $1,288,486,588 in loans comes out to $1,456 administered to business for every person living in South Dakota.

8. New Hampshire

Amount Loaned: $1,959,159,671
Jobs Saved: 209,999
Number Of Loans:23,829
Amount Per Person: $1,441

In 9th place is New Hampshire. The Granite State received $1,959,159,671 in PPE loans, spread out among 23,829 businesses.

9. Wyoming

Amount Loaned: $828,096,606
Jobs Saved: 111,945
Number Of Loans:13,229
Amount Per Person: $1,431

The cowboy’s state received $828,096,606. While that amount only accounts for 0.21% of the total funds administered federally, Wyoming business owners still saw a boom. The businesses that received funds saw $1,431 per Wyoming resident.

10. Connecticut

Amount Loaned: $5,063,612,554
Jobs Saved: 602,575
Number Of Loans:60,948
Amount Per Person: $1,420

In 10th spot is Connecticut, where business owners received $5,063,612,554 spread out across 60,948. Those generous funds saved 602,575 jobs.

Now For The States That Received The Least

The 10 states above saw the most generous distribution of funds– and the saved jobs that came with it. However, some states received less than half this total, with the least fortunate state’s businesses only seeing $772. You can see the 10 states that saw the least funds, proportionally below, and then a chart of the full data.

The States That Received The Least In PPP Funds

The Amount Of Money- And Jobs Saved- In Each State By The PPP

State	Amount Loaned	Jobs Saved	Number Of Loans	Amount Per Capita
North Dakota	1,358,372,594	176,208	19,724	1,782
Massachusetts	10,736,321,118	1,143,511	112,996	1,544
Vermont	927,958,247	113,838	11,929	1,487
Minnesota	8,373,169,779	1,090,506	98,136	1,484
New York	28,682,495,350	3,162,720	323,900	1,474
New Jersey	13,001,347,334	1,456,455	147,548	1,463
South Dakota	1,288,486,588	181,633	22,507	1,456
New Hampshire	1,959,159,671	209,999	23,829	1,440
Wyoming	828,096,606	111,945	13,229	1,430
Connecticut	5,063,612,554	602,575	60,948	1,420
Colorado	7,938,013,494	931,911	104,403	1,378
Nebraska	2,656,291,172	327,536	42,497	1,373
Rhode Island	1,441,590,032	157,534	17,163	1,360
Hawaii	1,888,579,559	225,436	24,533	1,333
Illinois	16,878,097,943	2,162,739	202,157	1,331
Alaska	956,776,237	114,049	11,167	1,307
Maine	1,751,499,180	243,371	27,198	1,302
California	51,447,516,002	6,505,547	581,125	1,302
Montana	1,386,898,666	215,257	23,102	1,297
Kansas	3,766,097,572	521,322	51,873	1,292
Wisconsin	7,419,630,304	999,041	85,459	1,274
Oregon	5,311,227,370	612,322	62,775	1,259
Maryland	7,546,635,031	938,434	81,317	1,248
Utah	3,993,871,587	796,849	50,691	1,245
Iowa	3,894,963,766	523,205	58,463	1,234
Washington	9,256,393,359	906,622	101,051	1,215
Pennsylvania	15,468,845,586	1,821,069	165,909	1,208
Louisiana	5,593,386,382	800,221	73,827	1,203
Michigan	11,959,464,571	1,554,024	121,137	1,197
Delaware	1,143,358,493	136,533	12,504	1,174
Florida	25,037,679,363	3,224,664	393,016	1,165
Ohio	13,625,162,845	1,880,625	140,278	1,165
Missouri	6,969,656,140	936,019	91,494	1,135
Idaho	2,023,434,075	305,422	30,168	1,132
Virginia	9,503,532,022	973,961	109,227	1,113
Texas	31,097,439,954	4,519,665	389,387	1,072
Oklahoma	4,197,725,648	620,353	64,278	1,060
Indiana	7,096,284,777	951,593	79,147	1,054
Georgia	11,146,482,406	1,471,782	156,810	1,049
Nevada	3,170,917,392	525,691	42,147	1,029
Tennessee	6,843,062,837	916,996	93,287	1,001
Alabama	4,767,238,051	672,861	65,803	972
North Carolina	9,512,416,544	1,246,594	121,913	906
Arizona	6,531,794,443	1,027,521	81,011	897
Kentucky	3,961,015,547	599,372	48,370	886
South Carolina	4,458,937,343	657,957	63,168	866
Arkansas	2,602,591,861	375,741	42,433	862
Mississippi	2,511,877,576	412,492	45,814	844
New Mexico	1,735,970,028	247,939	21,927	827
West Virginia	1,384,083,517	204,241	17,325	772

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Author

Kathy Morris

Kathy is the head of content at Zippia with a knack for engaging audiences. Prior to joining Zippia, Kathy worked at Gateway Blend growing audiences across diverse brands. She graduated from Troy University with a degree in Social Science Education.

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