Operating a business while being located within the epicenter of the U.S. coronavirus outbreak has been majorly challenging (to say the least!) for companies in Westchester, New York City, and the city’s other suburbs. News of the federal Paycheck Protection Program (PPP) going into effect was welcomed by area businesses, but it hasn’t proven to be as much of a lifesaver for local companies as originally hoped.
It took only 14 days for the PPP to exhaust its initial sum of $349 billion in funds to help small businesses, and while New York State received some $20.3 billion in funding, a new report from Business.org shows that only 3.7% of New York’s small businesses were able to receive PPP funding from the initial round. In fact, the report indicates that New York ranks among the 10 states with the lowest funding across the nation — despite having the highest number of confirmed cases of COVID-19 in the country.
Key takeaways from the report include the following:
- A total of 81,075 loans were funded across New York.
- New York is the #47 funded state for the PPP loan based on how many businesses secured funds.
- Only 5.7% of small businesses across the U.S. got approved for funding.
- The top 10 most financed states all have fewer than 500,000 small businesses, whereas many states in the bottom 10 have millions.
- The top-funded state is North Dakota, with 15% of small businesses funded (a total off 11,002 loans)
Find the full report here.