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Paycheck Protection Program: Where Did All That Money Go?

Posted by Complete Payroll | Apr 28, 2020 11:02:28 AM

Paycheck Protection Program_ Where Did All That Money Go_

The initial $350 Billion in funding for the Paycheck Protection Program was gone within days, leaving a number of small business owners in a state of panic. Congress just approved an additional $484 Billion, but where did the original round of funding go so quickly?

The Small Business Association (SBA) just released its first report on the first wave of funding for the Paycheck Protection Program. In all, 1,661,367 loans were issued by nearly 5,000 lenders,  totaling $342,277,999,103. 

Here is a breakdown of some of the numbers (as of 12p p.m. EST on April 16, 2020) :

Top Five States (by amount approved)

State # of Approved PPP Loans  Total Approved PPP Amount
CA 112,967 $33,413,693,192
TX 134,737 $28,483,710,273
NY 81,075 $20,345,681,101
FL 88,997 $17,863,199,837
IL 69,893 $15,972,578,071


Breakdown by Loan Size

Loan Size

Approved Loans

Approved Dollars

% of Count

% of Amount

$150K and Under





>$150K - $350K





>$350K - $1M





>$1M - $2M





>$2M - $5M











Loan Distribution by Industry

NAICS Subsector Description Approved Loans Approved Dollars % of Amount
Construction 177,905 $44,906,538,010  13.12%
Professional, Scientific, and Technical Services 208,360 $43,294,713,938  12.65%
Manufacturing 108,863 $40,922,240,021  11.96%
Health Care and Social Assistance 183,542 $39,892,493,481  11.65%
Accommodation and Food Services 161,876 $30,500,417,573  8.91%
Retail Trade 186,429 $29,418,369,063  8.59%
Wholesale Trade 65,078 $19,489,410,472  5.69%
Other Services (except Public Administration) 155,319 $17,707,077,167  5.17%
Administrative and Support and Waste Management and Remediation Services 72,439 $15,285,814,286  4.47%
Real Estate and Rental and Leasing 79,784 $10,743,430,227  3.14%
Transportation and Warehousing 44,415 $10,598,076,231  3.10%
Finance and Insurance 60,134 $8,177,041,995  2.39%
Educational Services 25,198 $8,062,652,288  2.36%
Information 22,825 $6,675,630,276  1.95%
Arts, Entertainment, and Recreation 39,670 $4,939,280,138  1.44%
Agriculture, Forestry, Fishing and Hunting 46,334 $4,374,343,877  1.28%
Mining 11,168 $3,894,793,207  1.14%
Public Administration 5,570 $1,197,353,586  0.35%
Management of Companies and Enterprises 3,211 $1,170,748,130  0.34%
Utilities 3,247 $1,027,575,137  0.30%


Click below to view the SBA's full report:

PPP Deck copy_IMG_Page_1


Topics: COVID-19

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