'The bigger firms were better equipped to get the Paycheck Protection loans,' Daco said. economists, said the drop in oil prices wasn't factored into his firm's study, but he said even if that was included, Texas would not rank among the states most impacted. One reason was because Texas had relatively few workers on small business payrolls as a percentage of the state's overall employment. Oxford Economics recently did a study of what states it thought would be most impacted by the coronavirus economic slowdown. 'So it's very hard to say money is going to firms that don't need it.' 'There are very few businesses that were not hurt by this,' said Green. Green said he didn't think the program's first come, first serve policy lead to firms getting money they did not deserve. in terms of loan approvals.īusiness owners face delays in critical SBA pandemic loans 04:51 According to SBA numbers, Green's loan approvals would rank his bank 14th among all banks in the U.S. In the end, Green says 10,600 of his mid-sized bank's customers ended up getting approved for PPP loans for a total of $3 billion, close to the amount of loans processed by some of the nation's much larger banks. 'If you weren't working on essential bank business, you were working on PPP,' Green said. He said he switched all employees not working on essential bank business to processing PPP loans. Nearly 82,000 small businesses in New York got PPP loans, for a total of just over $20 billion.įrom his headquarters In San Antonio, Texas, Frost Bank CEO Phil Green said his bank has been busy taking applications for PPP loans since the first day of the program. That was nearly 22,000 more loans than granted to small businesses in California, which had the second greatest number of loans but the top statewide total amount, $33 billion. Businesses in Texas collectively were approved for 134,737 PPP loans totaling just over $28 billion, according to data released Thursday evening from the SBA. Texas was an early winner in the Paycheck Protection sweepstakes.

He sees few links between where the biggest economic need is during the COVID-19 crisis and where the government funds are going. University of Chicago Booth School of Business accounting professor Michael Minnis has co-authored a preliminary study on the Paycheck Protection Program and set up a website tracking the program and its loans. Construction firms, meanwhile, have been deemed an essential business in all but six states, allowing most to continue operating.

Construction businesses received the most aid of any industry from the PPP, more than the Main Street retail stores that have essentially shut down and become the public face of the coronavirus recession.

It is one of more than 50 publicly traded companies that have already disclosed nabbing nearly $250 million in PPP funds.

The owner of the Ruth's Chris Steak Houses chain got $20 million from the small business loan program, despite having more than 5,000 employees and $468 million in revenue last year.

New York, with about 216,000 cases, by far the most of any state, ranked fourth in the number of PPP loans.

Businesses in Texas got more PPP loans than any other state, although Texas has nearly 16,500 COVID-19 cases, or the tenth biggest coronavirus disease caseload in the U.S, according to Friday data from the Centers for Disease Control and Prevention.

So where did the Paycheck Protection Program's ultra-low-interest loans to small businesses go so quickly? Here are early details from the latest available U.S.

The rush to distribute nearly $350 billion in federal aid from a popular - and now empty- small business relief fund resulted in the government sending billions to areas of the country with relatively few novel coronavirus cases, to companies in industries that have not been the hardest hit by the shutdown, and to companies that are not even small businesses. Funding stalled in Congress as Payment Protection Program runs dry 06:35

Ppp loans large companies