Nearly $2.1 Billion in PPP Loans Goes to Charlotte's Businesses
Updated: Jul 14, 2020
On Monday, July 6th, the Small Business Administration and the Department of Treasury released data of the PPP program. The program was part of the CARES Act to support business, non-profits, and entrepreneurs, and Charlotte's businesses received nearly $2.1 Billion in PPP loans.
According to the release the "SBA is maintaining a balance between providing transparency to American taxpayers and protecting small businesses’ confidential business information, such as payroll, and personally identifiable information."
According to our analysis, there was nearly $2.1 Billion in loans approved for 15,887 businesses, non-profits, and entrepreneurs in the Charlotte area. The total amount of the small business loans approved, loans less than $150,000, was $457,264,131. The top 3 banks that approved small business loans in the Charlotte area were BOA with 2,222, Fargo with 1,476, and Truist with 1,230. The number of approved loans above $150,000 was significantly lower at 2,463, but the average amount per loan was 20 times higher than the small business loans at $667,671. The total number of jobs-to-be-retained for the Charlotte area was 173,912.
To see the amount approved by zip code and jobs impacted, hover over map.
Note: The Large Businesses dataset has a Standard Error of 3.