Della Rocca, Benjamin and Nate Loewentheil (2020). Analysis of the Distribution of Phase 1 of the Federal Paycheck Protection Program. ISPS Working Paper, ISPS20-08.
The U.S. Small Business Administration (SBA) approved $349 billion in Paycheck Protection Program (PPP) loans to small businesses between March 27 and April 16, 2020. Loans went to 1.6 million businesses, or approximately 27% of small businesses nationwide. The average PPP loan was for $206,000. But the distribution of PPP loans varied significantly by geography, business size, and industry, heavily favoring some states and some businesses over others.