With an additional $310 billion infusion back into the Paycheck Protection Program, will that be enough to help small businesses?

Turns out, only 5.4% of Virginia’s small businesses were able to receive PPP funding from the initial round of $349 billion.

For a total of 40,371 loans funded across Virginia. 

What does this mean? 

• Virginia is the #35 funded state for the PPP loan based on how many businesses secured funds. 
• Only 5.7% of small businesses across the U.S. got approved for funding. 
• Even though Virginia received $$8,721,170,223 in PPP loans, there is still an overwhelming majority of businesses that need financial assistance.
• States like California who only received 2.8% financing, will take a major hit to their small business ecosystem. 
• Even businesses in the 15% funded state of North Dakota will struggle to recover from this economic crisis

The full report is here.