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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:

RankStateTotal number of small businessesTotal loans fundedPercentage of small businesses funded
51California4,000,000112,9672.80%
50Nevada270,0798,6743.20%
49Arizona571,49519,2803.40%
48Florida2,500,00088,9973.60%
47New York2,200,00081,0753.70%
46New Jersey884,04933,5193.80%
45Washington DC76,0833,2534.30%
44North Carolina913,39839,5204.30%
43Maryland594,12426,0684.40%
42Georgia1,100,00048,3324.40%

 

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

RankStateTotal number of small businessesTotal loans fundedPercentage of small businesses funded
1North Dakota73,14211,00215.00%
2Nebraska176,35823,47713.30%
3South Dakota86,55011,32413.10%
4Wyoming66,6537,61811.40%
5Montana120,24613,45611.20%
6Iowa270,48429,42410.90%
7Kansas254,29726,24510.30%
8Maine147,27014,99310.20%
9Oklahoma350,71835,55710.10%
10Wisconsin452,59443,3959.60%

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.