PROVIDENCE – City businesses received more than the national average of Paycheck Protection Program funds per capita, according to a study by Smartest Dollar.
The study from the San Diego-based company found Providence businesses received $2,795 in total PPP funds per capita – approximately $530.2 million in total. That was $407 more than the national average of $2,388 total PPP funds per capita. The program distributed nearly $800 billion in loans by the time the program ended in mid-2021, according to the report
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The amount of loans forgiven in Providence was 96.2%, more than the 95.2% that was forgiven nationally. The city ranked 58th per capita nationally among 118 midsize cities that were part of the study.
The analysis looked at which U.S. locations received the most PPP funds. The initiative allowed companies with less than 500 employees across the nation to apply for forgivable loans intended to help businesses survive the COVID-19 pandemic.
Researchers calculated the total PPP funds per capita in each location, then ranked the cities and states accordingly. The data was used from the U.S. Small Business Administration’s Office of Capital Access’ Paycheck Protection Program FOIA dataset. All PPP loan records were assigned to locations based on the individual establishment’s business address. To improve relevance, only cities with at least 100,000 residents were included, and cities were grouped into cohorts based on population size: small, 100,000–149,999; midsize, 150,000–249,999; and large, 350,000 or more.
Data showed the median PPP loan amount given to Providence businesses was $20,104, with the health care and social assistance industry sector receiving the most funds.
In New Bedford, businesses received $2,259 in PPP funds per capita – approximately $277.9 million in total and of which 98.4% was forgiven, according to the study. The city ranked 84th per capita among 154 small cities included in the study.
West Palm Beach, Fla., took the most PPP money among small and midsize cities, according to the study. Businesses there received $9,488 in PPP funds per capita – approximately $1.1 billion in total and of which 90.1% was forgiven.
Statewide, Rhode Island business received $2,627 in PPP funds per capita – approximately $2.8 billion in total and of which 97.3% was forgiven, according to the study. The state ranked 17th per capita nationally.
Massachusetts business received $3,018 in PPP funds per capita – approximately $21 billion in total and of which 96.8% was forgiven. The Bay State ranked 4th per capita nationally.
North Dakota took the most PPP funds among the states. Business there received $3,734 in PPP funds per capita – approximately $2.8 billion in total and of which 98.3% was forgiven.
