How The Paycheck Protection Program Has Saved Jobs Across America

The following post was provided by business.com.

The full report can be seen HERE.

Now that $519 billion in PPP loans has had time to work, one question still hangs in the air: Has the funding been effective? According to recent data released by the U.S. Treasury Department, the answer is yes.

Thousands, hundreds of thousands, and even millions of jobs have been saved in each state. With unemployment reaching significant highs in April of this year, we can only imagine how much worse things could have been if the PPP loans didn’t help retain American jobs during this economic crisis.

As for each state, there’s a direct correlation between the number of jobs saved and the amount of funding received. Here we’ll take a look at how the numbers break down on a per-state basis.

A number of compelling details in the Treasury Department’s data give a very positive outlook on the success of PPP loans:

• Over 50 million American jobs (50,679,396, to be exact) have been preserved as a result of the over $519 billion in PPP loans given to small businesses.
• Over 19 million jobs were saved as a result of loans below $150,000, while 31 million jobs were retained from loans of $150,000 and above.
• California had the most PPP loan approvals of all the states, resulting in over 6.5 million saved jobs.
• The more loan funding a state received, the more jobs were saved, demonstrating that the program effectively preserved American jobs during a time of high unemployment.