{"id":650,"date":"2020-07-07T08:30:44","date_gmt":"2020-07-07T08:30:44","guid":{"rendered":"https:\/\/www.renthop.com\/content-manager\/?post_type=studies&p=13051"},"modified":"2020-07-07T08:31:33","modified_gmt":"2020-07-07T12:31:33","slug":"which-nyc-neighborhoods-received-the-most-ppp-loan-money","status":"publish","type":"post","link":"https:\/\/www.renthop.com\/research\/which-nyc-neighborhoods-received-the-most-ppp-loan-money\/","title":{"rendered":"Which NYC Neighborhoods Received the Most PPP Loan Money?"},"content":{"rendered":"
Yesterday, the U.S. Small Business Administration (\u201cSBA\u201d) released detailed loan-level data regarding the loans made under the Paycheck Protection Program (\u201cPPP\u201d)<\/a>. This disclosure covers each of the 4.9 million PPP loans that have been made under the program.<\/p>\n Digesting this massive data set, we\u2019ve analyzed the PPP loan data by NYC zip code and compared the disclosure with U.S. Census data to assess which neighborhoods received the highest and lowest percentage of PPP loans as compared to the number of qualified businesses in that zip code. As detailed below, PPP funds did not assist all neighborhoods equally, with neighborhoods such as Greenpoint, the Financial District, and Carnegie Hill receiving a disproportionate number of loans relative to the number of qualified businesses<\/strong>.<\/p>\n In this study, we also break down the business sectors and NYC neighborhoods receiving the highest number of loans and retaining the highest number of jobs as a result of this sweeping federal program. <\/p>\n <\/p>\n <\/p>\n Comparing the disclosure provided by the SBA with available U.S. Census data, we found large disparities in the proportion of PPP loans received by certain NYC zip codes relative to the number of qualified businesses (less than 500 employees) located in those zip codes.<\/p>\n For instance, Greenpoint (Zip Code 11222) received 1,394 PPP loans for its 1,782 qualified businesses – a rate of 78.2%. By contrast, Flushing (Zip Code 11355) only received 913 PPP loans for its 2,381 qualified businesses – a rate of 38.3%. In effect, Greenpoint\u2019s PPP loan \/ qualified business ratio was double that of Flushing*<\/a>.<\/p>\n Below is a chart highlighting the top and bottom 5 NYC zip codes ranked by percentage of PPP loans to qualified businesses:<\/p>\n <\/p>\n <\/p>\n Based on the SBA\u2019s disclosure, a staggering 1,390,686 jobs were \u201cretained\u201d in NYC as a result of the PPP loans. We\u2019ve taken this data and created an interactive map showing the number of jobs retained in each zip code.<\/p>\n As one might expect, the top 5 zip codes ranked by jobs retained all fell in the Midtown Manhattan area.<\/p>\nTop and Bottom 5 NYC Zip Codes By Percentage of PPP Loans to Businesses<\/strong><\/h5>\n
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Jobs Retained By Zip Code<\/strong><\/h5>\n