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.
|Rank||County||Number of loans||Average loan amount||Total value of loans|
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
|Professional, Scientific, and Technical Services||$7,044,158,918|
|Health Care and Social Assistance||$6,774,903,674|
|Accommodation and Food Services||$5,518,347,641|
|Other Service (except Public Administration)||$3,091,409,069|
|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.