PPP Postmortem - Who got loans and for much? The federal Paycheck Protection Program (PPP) provided loans to help small businesses retain employees during the COVID-19 crisis. Although it initially ran our of money in its first two weeks - forcing congress to authorize additional funds - the PPP closed with a surplus.

• Between April 3 and August 8: 5,460 approved lenders mande 5.2 millions loans totaling $525 billion.
• Average Loan Amount = $100,729
  • 69% of loans were for $50,000 or less

Top Industries (net dollars):

• Health care/social services: $67.8 billion
• Professional/technical services: $66.8 billion
• Construction: $65.1 billion
• Manufacturing: $54.1 billion
• Hospitality/restaurants: $42.5 billion

Top States (net dollars):

1. California: $68.6 billion
2. Texas: $41.3 billion
3. New York: $38.7 billion
4. Florida: $32.3 billion
5. Illinois: $22.8 billion

Remaining loan money = $134 billion *Source: U.S. Small Business Administration