The COVID-19 pandemic cause several economic crisis that lead the government to take an effort in providing relief packages to every American household across the country, however, the Paycheck Protection Program is to be remembered.
The PPP Initiative
The economic relief packages that the government to offers at every level, from stimulus checks for personal use to local fiscal recovery funds at the state level. Yet, the Paycheck Protection Program (PPP) is one of the remarkable assistance offered. The PPP initiative established by the CARES Act lets business owners with lesser than 500 employees apply for forgivable loans intended to help businesses keep their doors open with fewer problems, retain employees, and boost suffering local economies. Due to the mandated store closures, social distancing guidelines, and increased cleaning requirements, many businesses were faced with a series of hard choices, like laying off certain employees to meet payroll for others or closing their doors permanently to prevent a very uncertain future.
Paycheck Protection Program Funds With Most Cities Avail
Recipients of PPP loans were initially required to utilize 60% of allocated cash on payrolls in order for them to be eligible for loan forgiveness, as the funds were meant for businesses to pay their workers, avoid layoffs, and stay in business.
Dakotas, Massachusetts, New York, and Illinois got more PPP money per capita than states in the southern half of the country. North Dakota received the largest PPP funds per capita at $3,734. New York and South Dakota obtain the second and third of PPP money per capita at $3,062 and $3,048. On the other hand, West Virginia ($1,458), New Mexico ($1,598), and Arkansas ($1,651) received the lowest amount of PPP funding per person.
Furthermore, Here are some U.S. cities that took the most PPP money:
- Tulsa, Oklahoma PPP with total funds per capita worth$4,034 out of $1,661,810,498 total funds. The median PPP loan amount is $20,832 and 97.1% of the share of approved PPP funds forgiven. Most industry district that avails PPP money are Professional, Scientific, and Technical Services.
- Dallas, Texas worth $4,252 of PPP total funds per capita while the Total PPP funds are $5,477,944,135. The approved PPP share funds forgiven is 94.8 percent. The Professional, Scientific, and Technical Services are the Industry sector with the most PPP funds.
- In New Orleans, LA most of the Industry sectors with PPP funds are the Accommodation and Food Services with 93.3% of approved PPP funds. Total PPP funds per capita is $4,486 out of $1,691,082,004 and $20,207 for the Median PPP loan amount.
To identify the locations that received the most Paycheck Protection Program (PPP) money, researchers at Smartest Dollar calculated the total PPP funds per capita.