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This map shows which states have gotten the most money from the Federal government's small business bailout — so far

FILE PHOTO: Stores on 125th Street in Harlem are closed, as retail sales suffer record drop during the outbreak of the coronavirus disease (COVID-19) in New York City, New York, U.S., April 15, 2020. REUTERS/Bryan R Smith
  • The Paycheck Protection Program is a key component of the Federal government's response to the economic devastation caused by the ongoing coronavirus pandemic.
  • The PPP aims to provide a lifeline for small businesses that have had to temporarily close amid the outbreak.
  • After exhausting the initial $350 billion allocated to the program, the Small Business Administration released a report showing how much money went to each state.
  • States in New England and the Great Plains got the most money per capita from the program.
  • Visit Business Insider's homepage for more stories.
The novel coronavirus has ravaged the US economy, with over 26 million Americans applying for unemployment benefits in the last five weeks. A recent government report shows how one of the biggest programs designed to fight the economic damage has played out across the country.
The Paycheck Protection Program was a key component of the recent Federal stimulus package responding to the economic havoc across the US caused by the outbreak and the shutdowns taken to stop the spread of the new disease. The PPP was intended to provide a lifeline for small businesses that have been forced to temporarily close amid the pandemic.
The PPP faced a rocky start and several controversies around larger companies receiving funds from the program despite its intent to support smaller main street stores and restaurants. After just two weeks, the program exhausted its entire initial $350 billion funding from the CARES Act, the $2 trillion stimulus package passed in March in response to the ongoing crisis. On Thursday, Congress passed an interim stimulus bill that included an additional $320 billion for the PPP.
On April 16, the Small Business Administration published an initial report on where the first batch of money went. The report included a breakdown of the total number and value of loans approved in each state. Using that data, along with 2019 population estimates from the US Census Bureau, we calculated the total value of PPP loans per capita in each state and DC.
New England and the Great Plains had the highest per capita totals among the states. Several of the hardest-hit states from the epidemic, including New York, Washington, and Michigan, fell in the middle of the road in per-capita PPP loans:
sba loans per capita state map
SEE ALSO: Congress just passed a $484 billion coronavirus stimulus bill. Here's what's in it for small businesses, hospitals, and the public.
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