Small businesses in states hardest hit by the coronavirus were less likely to get federal coronavirus relief loans than less-affected states in other parts of the US, according to research from economists at the Federal Reserve Bank of New York
Their research shows that in New York, for example, fewer than 20% of all small businesses in the state were approved for a loan during the Paycheck Protection Program's first round. But 55% of small businesses in Nebraska were approved. The relief program, part of the $2.
A separate report released last week by the non-profit Institute for Local Self-Reliance, also found that more loans were made in states where local community banks constitute a larger share of the market, like North Dakota. It found that nearly three times as many emergency loans were made per capita in the 10 states with most community banks per capita, compared to the 10 states with the fewest. The Small Business Administration gave out 1.
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