Comptroller report: Which Capital Region municipalities and industries got the most PPP?

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FILE – In this April 28, 2020 file photo, a closed sign is posted at a restaurant along the River Walk in San Antonio. Banks are reporting a little more success in getting small business owners’ applications for coronavirus relief loans into government processing systems. Bank industry groups says changes the Small Business Administration made in its procedures apparently are helping lenders trying to submit thousands of applications for $310 billion in loans. (AP Photo/Eric Gay, File)

ALBANY, N.Y. (NEWS10) — The federal government put aside billions of dollars to relieve the financial burden of businesses affected by the COVID pandemic through the Paycheck Protection Program (PPP). The program, administered by the Small Business Association, also gave borrowers a way to get their PPP loans forgiven.

Not surprisingly, much of the funding went to the most populated states, including New York, based on a recent report from the NYS Comptroller’s Office.

New York, which has the fourth-highest population, ranked No. 3 for PPP funding, having received $51 billion. California ranked first, receiving almost $90 billion, close to twice that of New York. Texas ranked second, receiving approximately $53 billion.

A majority of the state’s PPP money went to downstate businesses. New York City had 47% of the state’s PPP borrowers based on analysis, the Comptroller’s Office said. Out of the $51 billion received from PPP loans statewide, $2.3 billion was distributed among 11 counties in the Capital Region.

Among Capital Region counties, Albany saw the highest number of awarded loans, as well as the highest total loan value, outstripping other large counties by a significant amount. A total of 6,794 loans were awarded, valued at close to $888 million.

The total value of loans for Saratoga, Rensselaer, and Schenectady Counties (ranked second, third, and fourth) was less than the total loan value for Albany County. Combined, all three counties were awarded almost $860 million for 9,290 loans.

RankCountyNumber of loansAverage loan amountTotal value of loans
1Albany6,794$130,672$887,784,570
2Saratoga4,755$86,173$409,751,384
3Rensselaer2,313$100,237$231,847,850
4Schenectady2,222$98,035$217,834,564
5Warren1,760$92,105$162,104,075
6Columbia1,548$74,590$115,464,785
7Montgomery662$106,291$70,364,682
8Fulton642$100,569$64,565,308
9Washington775$80,497$62,385,200
10Greene1,024$50,251$51,457,274
11Schoharie363$79,892$29,000,733
Totals22,858$90,847 (average)$2,302,560,425
Source: NYS Comptroller

The Comptroller’s report also looked at PPP disbursement by industry in New York. Health care, construction, manufacturing, retail, real estate, rental, and leasing were all in the top 10 for most funds received from PPP loans in the state. The number one industry for monies received, however, went to professional, scientific, and technical services which got little more than $7 billion.

Education services fell just out of reach of the top 10, coming in at 11th place. PPP funds awarded to education services made up a small portion of the total funding for the state: 3.1%, or $1,569,741,188. The industry filed for 9,616 loans and the average loan amount was $163,243.

Top 10 industries for PPP funding received

IndustryFunds received
Professional, Scientific, and Technical Services$7,044,158,918
Health Care and Social Assistance$6,774,903,674
Construction$6,069,393,316
Accommodation and Food Services$5,518,347,641
Manufacturing$3,791,703,594
Retail Trade$3,588,694,869
Other Service (except Public Administration)$3,091,409,069
Wholesale Trade$2,816,830,512
Administrative, Support, Waste Management, and Remediation Services$2,471,241,516
Real Estate, Rental, and Leasing$1,580,874,345

Arts, entertainment, and recreation—hit particularly hard by the pandemic—also fell out of the top 10 for the highest loan value received by industry. In total, 16,088 loans were approved and awarded $1,129,338,274.

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