Virginia one of top states to benefit from Paycheck Protection Program
Virginia was among the states that benefited most from the federal Paycheck Protection Program, according to a study by ExpertInsuranceReviews.com.
Virginia was fifth in the ranking done by the organization, which provides consumer information on insurance.
The PPP, which provided loans to small businesses across the U.S., was created by Congress under the CARES Act in response to the coronavirus pandemic’s effect on the economy.
The analyzed data included the loan amount for each state, number of jobs it covered, the average loan amount per job and the percentage of the state’s average salary covered by the loan. The rankings were based on that last figure.
