Most coronavirus small business loan money per capita flowing to these states

More than half of Round 2 funding has already been given out

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The Small Business Administration said Sunday more than $175 billion in small business loans have been approved since Round 2 of the Paycheck Protection Program began on April 27, with the District of Columbia, New York and California receiving the most loan money per capita.

Based on 2019 Census Bureau population estimates, the five states that so far have received the most loan money per capita in Round 2 are:

  1. District of Columbia - $1,414.06 
  2. New York - $905.13
  3. New Jersey - $842.92
  4. California - $840.80
  5. Oregon - $717.58

The five states that have received the least loan money per capita in Round 2 are:

  1. Arkansas - $204.93
  2. Mississippi - $221.38
  3. Oklahoma - $221.69
  4. Maine - $235.99
  5. Kentucky - $245.53

So far, California has received the most loan money total in Round 2 with $33,221,856,619, followed by New York ($17,607,925,411), Texas ($12,789,880,775), Illinois ($6,578,447,775) and Michigan ($5,566,493,089).

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More than half of Round 2 funding has already been given out in five business days. There's doubt about whether the second wave of funding will be enough to cover rapid demand among small business owners for the coronavirus relief.

Waiter Marcos Huerta, right, serves a grill of fajitas at El Tiempo Cantina Friday, May 1, 2020, in Houston. (AP Photo/David J. Phillip) (Associated Press)

Applications for low-interest loans reopened April 27 after lawmakers injected an additional $310 billion into the Paycheck Protection Program. $60 billion was set aside for small lenders and community-based financial institutions, including those that serve minority and distressed communities.

The program, an integral part of the federal government's massive economic stimulus effort passed at the end of March, exhausted its initial $349 billion in funding within 13 days.

Here is the complete list of states by PPP loan money per capita:

  1. District of Columbia - $1,414.06 
  2. New York - $905.13
  3. New Jersey - $842.92
  4. California - $840.80
  5. Oregon - $717.58
  6. Connecticut - $717.14
  7. Washington - $662.05
  8. Massachusetts - $633.04
  9. Nevada - $628.51
  10. Florida - $568.99
  11. Michigan - $557.38
  12. Maryland - $534.63 
  13. Colorado- $531.67
  14. Utah - $523.04
  15. Rhode Island - $519.57
  16. Illinois - $519.14
  17. Arizona - $508.45
  18. Louisiana - $466.51
  19. Virginia - $465.13
  20. Alaska - $462.99
  21. Texas - $441.09
  22. Georgia - $439.19
  23. New Hampshire - $421.33
  24. Pennsylvania - $420.23 
  25. North Carolina - $407.19
  26. Ohio - $403.18
  27. Idaho - $402.79
  28. Minnesota - $389.46
  29. Delaware - $376.15
  30. New Mexico - $361.88 
  31. South Carolina - $361.17
  32. Tennessee - $352.63 
  33. Wyoming - $338.36 
  34. South Dakota - $316.01
  35. Vermont - $307.46
  36. Indiana - $305.99 
  37. North Dakota - $301.36
  38. Hawaii - $292.28
  39. Alabama - $289.79
  40. Wisconsin - $288.51
  41. Kansas - $279.76
  42. Missouri - $276.22
  43. Montana - $259.42
  44. West Virginia - $256.77
  45. Iowa - $247.76
  46. Nebraska - $245.94
  47. Kentucky - $245.53
  48. Maine - $235.99
  49. Oklahoma - $221.69
  50. Mississippi - $221.38
  51. Arkansas - $204.93

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