November 29, 2023

Small Business

Business Nes

Report: 13% of modest firms in Northern Virginia been given PPP loans

2 min read

The quantity of Northern Virginia companies that acquired financial loans in the very first round of stimulus enable is better than the nationwide regular, in accordance to a new report. 

The variety of Northern Virginia companies that gained loans in the very first spherical of federal COVID-19 stimulus support is better than the national typical, according to a new report.

About 13% of little companies in Northern Virginia acquired Paycheck Defense System loans, according to a report produced by the Northern Virginia Regional Commission. The nationwide normal is 9% of small firms acquiring the loans.

Extra than 40,700 organizations gained loans as the Tiny Organization Administration prepares to give out the next spherical of PPP checks.

The report also observed that the average bank loan in Northern Virginia was just over $135,000. This is 34% bigger than the nationwide typical of all around $100,700.

Out of Northern Virginia’s 520 census tracts, 216 or 42% had been greater part-minority. These exact tracts contained 45% of businesses getting financial loans and 46% of the overall loaned quantity in Northern Virginia, according to the report.

What is not recognized from the PPP info is how numerous of the loans went to minority small business house owners, the report said.

More Coronavirus Information

Hunting for more information and facts? D.C., Maryland and Virginia are every releasing a lot more details each individual day. Take a look at their formal internet sites listed here: Virginia | Maryland | D.C.

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