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

The Paycheck Protection Program (PPP), a crucial initiative under the $2 trillion CARES Act, was designed to support small businesses in maintaining operations and keeping employees on payroll during economic downturns. However, as data emerged regarding the distribution of these loans, some enterprises, including high-profile brands, raised concerns about whether the funds were allocated fairly across the states. This prompted a deeper examination into which states benefitted most from PPP funding.

In this article, we analyze the PPP loan distribution among states, identifying those that received the highest and lowest amounts of funding, and exploring the implications on local economies.

The 10 States That Received the Most in PPP Funds

The Northeast and Midwest regions dominated the top 10 list, indicating a trend in the distribution of PPP funds. Below, we provide a detailed breakdown of the funding received by these states.

How We Analyzed the Data

The primary data source for our analysis was the U.S. Treasury’s release of PPP loan level data. We included exact dollar amounts for loans under $150,000 and used the lowest figures for higher loan brackets:

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

By aggregating these figures, we calculated the total loans per state and divided by each state’s population to assess per capita distributions. We also tracked job retention figures, noting that not all businesses reported their job preservation data, which may evolve as more reports come in.

1. North Dakota

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

North Dakota received the highest amount of PPP loans relative to its population, with $1,782 allocated for each resident. The 19,724 loans issued helped secure 176,208 jobs, accounting for approximately 40% of employment in the state.

2. Massachusetts

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

Massachusetts ranks second, with over $10.7 billion in loans supporting 1,143,511 jobs across 112,996 businesses.

3. Vermont

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

Despite its smaller size, Vermont received $927,958,248 in PPP loans, saving 113,838 jobs, representing 36% of jobs in the state.

4. Minnesota

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

Minnesota secured $8.37 billion in loans, with a total of 98,136 loans saving over a million jobs at an average of $1,485 per resident.

5. New York

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

New York received a significant portion of PPP funds, totaling over $28 billion, which helped save more than 3 million jobs.

6. New Jersey

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

New Jersey followed closely with $13 billion in loans, securing 1,456,455 jobs across 147,548 loans.

7. South Dakota

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

South Dakota’s loans, while only 0.33% of the total, amounted to $1,456 per resident, helping to secure 181,633 jobs.

8. New Hampshire

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

New Hampshire received nearly $2 billion, securing jobs for 209,999 residents.

9. Wyoming

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

Wyoming received $828 million in loans, translating to $1,431 per resident and saving 111,945 jobs.

10. Connecticut

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

Connecticut’s PPP loans totaled over $5 billion, saving 602,575 jobs across the state.

The States That Received the Least

While the above states received substantial funding, several states received significantly less, with the lowest seeing just $772 allocated per resident. Below is a list of the states that received the least funding, along with a comprehensive chart for reference.

The States That Received the Least in PPP Funds

Overview of PPP Funding and Jobs Saved by State

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

In conclusion, the distribution of PPP funds highlighted significant disparities across states, with some experiencing substantial support while others were left wanting. Understanding these trends is crucial as we continue to navigate the evolving landscape of economic recovery.

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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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