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.