PPP lending in the Carolinas
How and where Paycheck Protection Program (PPP) loans were applied across North and South Carolina
July 21, 2020
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- 245,000 PPP loans went to businesses across both North & South Carolina
- 2.2M jobs recovered or retained across all industries
- Among loans over $150,000: NC & SC pulled in nearly 24,000 loans and were able to retain 1.1M jobs. The Health Care industry was the biggest beneficiary, receiving 3,300 loans to help recover 164,000 jobs. The Construction industry followed taking in 3,200 loans for 112,000 jobs. The hard hit accommodation and food service sector accounted for 2,400 loans and 170,000 jobs (the largest sector by jobs).
- With loans below $150,000: 221,265 loans were granted with an average size of $34,500. The average loan allowed small businesses to retain 4.8 employees.