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Only 5.7% of small businesses across the U.S. got approved for funding in the initial round of loans from the Paycheck Protection Program, according to a recent report analyzing state numbers from business.org.

Using the U.S. Small Business Administration’s (SBA) data, the organization divided the total number of small businesses in each state by the total number of PPP loans funded in each state. (It should be noted, the data does not reflect the actual number of PPP loan applications by state, or the actual dollar amounts awarded to each state.)

Unfortunately, many states with larger populations of small businesses were left with a low percentage of loan approvals when the initial PPP funding of $349 billion was exhausted in just 14 days. The top 10 most financed states all have fewer than 500,000 small businesses, whereas many of the least financed states have millions of small businesses.

Bottom 10 States For PPP Funding:

Rank State Total number of small businesses Total loans funded Percentage of small businesses funded
51 California 4,000,000 112,967 2.80%
50 Nevada 270,079 8,674 3.20%
49 Arizona 571,495 19,280 3.40%
48 Florida 2,500,000 88,997 3.60%
47 New York 2,200,000 81,075 3.70%
46 New Jersey 884,049 33,519 3.80%
45 Washington DC 76,083 3,253 4.30%
44 North Carolina 913,398 39,520 4.30%
43 Maryland 594,124 26,068 4.40%
42 Georgia 1,100,000 48,332 4.40%

 

For instance, of New York’s 2,200,ooo total small businesses, just 81,075 received loans, or 3.7 %. California received the lowest percentage of funding at just 2.8% of its 4,000,000 small businesses. Even the state with the top percentage of funding, North Dakota, had only 15% of small businesses receive PPP aid.

Top 10 States for PPP Funding

Rank State Total number of small businesses Total loans funded Percentage of small businesses funded
1 North Dakota 73,142 11,002 15.00%
2 Nebraska 176,358 23,477 13.30%
3 South Dakota 86,550 11,324 13.10%
4 Wyoming 66,653 7,618 11.40%
5 Montana 120,246 13,456 11.20%
6 Iowa 270,484 29,424 10.90%
7 Kansas 254,297 26,245 10.30%
8 Maine 147,270 14,993 10.20%
9 Oklahoma 350,718 35,557 10.10%
10 Wisconsin 452,594 43,395 9.60%

On April 29, the SBA only accepted loans from lending institutions with asset sizes less than $1 billion from 4:00 PM ET until 11:59 PM ET.U.S. “SBA is working to ensure that all eligible small businesses have access to this funding to sustain their businesses and keep their employees on payroll,” said SBA Administrator Jovita Carranza and U.S. Treasury Secretary Steven T. Mnuchin in the statement.

“All lending institutions, regardless of size, will still be able to submit PPP loans outside of this timeframe. This reserved processing time currently only applies to April 29, 2020.  In addition to ensuring access for the smallest lenders, we expect that providing this reserved processing time today will enhance the SBA’s loan system performance for all users who submit loans outside of this time frame,” reported the statement.

As the second round of $320 billion PPP funding unfolds, business.org will be updating the data.