Wyoming Accepted $1.6 Billion in P.P.P. Loans – Seventh Most Per Capita in the United States
Written by Andrew-Rossi on January 5, 2023
Wyoming is heavily dependent on federal funds, and the COVID-19 pandemic was not an exception, as a tremendous amount of relief was awarded – and forgiven.
The website Smartest Dollar analyzed the over $800 billion in loans through the U.S. Congress’s Payment Protection Program, using numbers provided by the U.S. According to the website, Small Business Administration Office of Capital Access. The loans were”intended to help businesses keep their doors open with less stress, retain employees, and boost suffering local economies.”
According to Smartest Dollar, the P.P.P. distributed $525 billion to small businesses in need during the first of three rounds from Apr. 3 to Aug. 8, 2020. By the time the program ended in mid-2021, the P.P.P. had distributed nearly $800 billion in loans. While economists for the U.S. Department of the Treasury applaud the program for saving nearly 19 million jobs by December 2020, others argue the actual number is between 1.4 to 3.2 million.
Construction was the industry that accepted the most money in P.P.P. loans – nearly $98 billion. Other heavily impacted industries include healthcare and social assistance, professional and technical services, & accommodation and food services.
Over two-thirds of P.P.P. loans – 66% – were for less than $25,000.
- 11% between $25,000 and $49,999
- 5% between $50,000 to $74,999
- 3% between $75,000 and $99,999
- 2% between $100,000 and $124,999
- 10% for over $125,000
Wyoming accepted approximately $1.6 billion in total P.P.P. loans – the seventh-highest amount (per capita) amongst the 50 states.
For the duration of the program, Wyoming businesses accepted roughly $2,836 per capita. The median loan amount was $20,800. The majority of those loans were awarded to construction businesses.
North Dakota received the most money per capita – $2.89 billion, an average of $3,734 per persona. The next highest amounts were awarded to (in descending order) New York, South Dakota, Massachusetts, Illinois, and Minnesota.
But there’s a twist. While Wyoming received the seventh-highest amount per capita, it received the lowest amount overall.
The $1.6 billion Wyoming received was less than any other state. The highest amount – $103 billion – went to California.
Courtesy Unsplash & Konstantin Evdokimov
Remarkably, very few Wyoming businesses are on the hook for repayment – nearly 97% of the P.P.P. loans awarded were forgiven.
In fact, every state had at least 90% of their P.P.P. loans forgiven.
Federal funds have been a sore spot for Wyoming in recent years. While more politicians advocate for Wyoming to be free of most federal oversight, the state still receives billions yearly to cover costs.
