ALBANY, N.Y. (NEWS10) — The Paycheck Protection Program has funded over $519 billion to small businesses across the country, and recent data from the Treasury Department shows it has succeeded in saving jobs.
Business.org looked through loan data to find out how many jobs were retained because of PPP loans in each state. In New York, over 3.1 million jobs were retained, from a total of over $38 billion. In Massachusetts, about 1.5 million jobs were saved from an infusion of over $14 billion, and in Vermont, PPP loans saved 113,838 jobs with $1.1 billion.
Over 50 million jobs have been retained as a result of PPP funding nationwide. The more a state received, the more jobs were saved. California had the most PPP loan approvals of all the states—$68+ billion—resulting in over 6.5 million saved jobs.
Although spikes in COVID-19 threaten future job growth across the nation, new unemployment claims last week were still 79% below the heights experienced so far during the pandemic. According to WalletHub, New York ranks No. 17 out of 51 in terms of states with the best unemployment recovery since the start of the pandemic. Massachusetts ranks 20th, with Vermont ranking fourth.
Large-scale layoffs from the coronavirus have also wiped out all the jobs created since the 2008 recession. The data does indicate that unemployment numbers in red states are falling slower than they are in blue states. To put it another way, blue states seem to be recovering faster, in terms of numbers of new unemployment applicants.