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New York’s Economy and Finances in the COVID-19 Era (April 16, 2021)

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New York’s Economy and Finances in the COVID-19 Era

April 16, 2021 Edition

Analysis of the Paycheck Protection Program in New York

The Paycheck Protection Program (PPP) is a loan program administered by the U.S. Small Business Administration (SBA) first authorized by Congress in March 2020 to respond to the economic hardships faced by small businesses and not-for-profit organizations due to the pandemic. It provides low-interest loans for payroll and other qualified expenses, such as rent and utility payments. The loan can be forgiven if the business maintains employment levels and meets other conditions, essentially turning the loan into a grant. The program was initially funded at $349 billion. Subsequent reauthorizations modified requirements and eligibility, and added $320 billion in April and $284 billion in December 2020. The American Rescue Plan Act (ARP) of 2021, signed into law in March 2021, added $7.25 billion for a total authorization of $960.3 billion. The ARP also expanded eligibility to nonprofits that have more than 500 employees. Eligible entities can apply for a PPP loan until May 31.

SBA reporting for the first three rounds of funding through April 11, 2021, indicates $755 billion in loans have been approved for 9.6 million borrowers across the country. Detailed data are available for $679 billion in loans made through the end of February. Below are the key findings for New York and the figures presenting the data, which are also available as a printable PDF.

  • New York entities received 489,100 loans totaling $51.0 billion, or 7.5 percent of the total nationwide loan amount. Only California and Texas received more.
  • Most of the loans were made to entities downstate: 47 percent of borrowers were located in New York City and an additional 24 percent were located in Westchester, Suffolk, and Nassau counties, reflecting both population patterns and the early and severe impact of the pandemic in these regions. For a detailed analysis of PPP loans in New York City, read the Comptroller’s report.
  • The average loan was $104,200, ranging from a low of $50,300 on average in Greene County to a high of $153,600 on average in Manhattan (New York County). The median loan was about $86,800.
  • More than 90 percent of the loans went to businesses with less than 25 employees, with an average loan size of approximately $45,700. While just 0.5 percent of loans went to entities with 250 to 500 employees, these entities had higher average loans — $2.7 million— and comprised one-eighth of total loan value.
  • The greatest number and value of loans, approximately 14 percent, went to businesses in the professional, scientific, and technical services industry. Other industries with a high share of loan value were health care and social assistance (13 percent) and construction (12 percent). While both the accommodation and food services sector and the arts, entertainment, and recreation sector were particularly hard hit by the pandemic, accommodation and food services received a greater share of loans (9 percent of loans, 11 percent of value) than arts, entertainment and recreation (3 percent of loans, 2 percent of value).
PPP Loan Values by State and Territory, as of February 27, 2021

Source: U.S. Small Business Administration
Data accessed on March 25, 2021, for the period ending February 28, 2021.

Breakdown of PPP Loans in New York State
Number and Value of PPP Loans Approved in New York by County
(as of February 28, 2021)
County Number of Loans Value of Loans Average Loan
ALBANY 6,794 $887,784,570 $130,672
ALLEGANY 394 $37,304,836 $94,682
BRONX 16,667 $1,354,373,882 $81,261
BROOME 3,145 $343,539,232 $109,233
CATTARAUGUS 1,072 $89,465,048 $83,456
CAYUGA 1,282 $139,393,073 $108,731
CHAUTAUQUA 1,889 $201,377,160 $106,605
CHEMUNG 1,253 $156,128,178 $124,603
CHENANGO 572 $53,539,123 $93,600
CLINTON 1,196 $124,231,178 $103,872
COLUMBIA 1,548 $115,464,785 $74,590
CORTLAND 825 $84,608,915 $102,556
DELAWARE 698 $47,869,483 $68,581
DUTCHESS 6,448 $552,642,650 $85,708
ERIE 19,082 $2,317,746,026 $121,462
ESSEX 800 $64,820,253 $81,025
FRANKLIN 637 $46,786,460 $73,448
FULTON 642 $64,565,308 $100,569
GENESEE 971 $100,262,711 $103,257
GREENE 1,024 $51,457,274 $50,251
HAMILTON 100 $7,592,381 $75,924
HERKIMER 740 $60,027,794 $81,119
JEFFERSON 2,020 $175,474,625 $86,869
KINGS 62,865 $4,753,156,575 $75,609
LEWIS 288 $17,941,543 $62,297
LIVINGSTON 981 $84,820,098 $86,463
MADISON 941 $84,488,118 $89,785
MONROE 15,545 $1,803,352,880 $116,009
MONTGOMERY 662 $70,364,682 $106,291
NASSAU 47,469 $4,502,379,880 $94,849
NEW YORK 91,821 $14,108,227,476 $153,649
NIAGARA 3,498 $339,990,195 $97,196
ONEIDA 3,609 $403,762,375 $111,877
ONONDAGA 9,709 $1,250,304,110 $128,778
ONTARIO 2,513 $292,950,330 $116,574
ORANGE 7,975 $679,015,120 $85,143
ORLEANS 522 $47,195,808 $90,413
OSWEGO 1,485 $111,542,333 $75,113
OTSEGO 878 $73,651,964 $83,886
PUTNAM 2,435 $187,824,754 $77,135
QUEENS 50,829 $3,907,481,340 $76,875
RENSSELAER 2,313 $231,847,850 $100,237
RICHMOND 8,753 $684,400,798 $78,190
ROCKLAND 10,001 $867,823,340 $86,774
SAINT LAWRENCE 1,288 $125,631,911 $97,540
SARATOGA 4,755 $409,751,384 $86,173
SCHENECTADY 2,222 $217,834,564 $98,035
SCHOHARIE 363 $29,000,733 $79,892
SCHUYLER 311 $19,282,761 $62,002
SENECA 493 $46,341,660 $93,999
STEUBEN 1,229 $98,498,456 $80,145
SUFFOLK 42,045 $4,558,501,455 $108,420
SULLIVAN 1,337 $97,512,740 $72,934
TIOGA 552 $41,091,518 $74,441
TOMPKINS 2,135 $185,749,080 $87,002
ULSTER 4,166 $296,431,354 $71,155
WARREN 1,760 $162,104,075 $92,105
WASHINGTON 775 $62,385,200 $80,497
WAYNE 1,417 $113,193,542 $79,883
WESTCHESTER 28,339 $2,836,036,205 $100,075
WYOMING 598 $51,094,649 $85,443
YATES 393 $26,791,404 $68,172
NYS TOTAL 489,106 $50,959,302,727 $104,189

Source: U.S. Small Business Administration
Data accessed on March 25, 2021, for the period ending February 28, 2021.

 

PPP Loans in New York by Firm Size
(as of February 28, 2021)
Number of Employees Number of Loans Share of Loans Value of Loans Share of
Loan Value		 Average Loan
0–24 442,851 90.5% $20,236,287,686 39.7% $45,695
25–99 37,026 7.6% $16,037,368,454 31.5% $433,138
100–249 6,810 1.4% $8,164,661,182 16.0% $1,198,922
250–500 2,419 0.5% $6,520,985,405 12.8% $2,695,736
TOTAL 489,106 100% $50,959,302,727 100% $104,189

Source: U.S. Small Business Administration
Data accessed on March 25, 2021, for the period ending February 28, 2021.

 

PPP Loans in New York by Industry
(as of February 28, 2021)
Industry / Sector Number of Loans Share of Loans Value of Loans Share of Value Average Loan
Professional, Scientific, and Technical Services 70,112 14.3% $7,044,158,918 13.8% $100,470
Health Care and Social Assistance 49,247 10.1% $6,774,903,674 13.3% $137,570
Construction 40,649 8.3% $6,069,393,316 11.9% $149,312
Accommodation and Food Services 44,529 9.1% $5,518,347,641 10.8% $123,927
Manufacturing 19,292 3.9% $3,791,703,594 7.4% $196,543
Retail Trade 48,417 9.9% $3,588,694,869 7.0% $74,121
Other Services (except Public Administration) 51,571 10.5% $3,091,409,069 6.1% $59,945
Wholesale Trade 20,656 4.2% $2,816,830,512 5.5% $136,369
Administrative and Support and Waste Management and Remediation Services 20,054 4.1% $2,471,241,516 4.8% $123,229
Real Estate and Rental and Leasing 22,468 4.6% $1,580,874,345 3.1% $70,361
Educational Services 9,616 2.0% $1,569,741,188 3.1% $163,243
Transportation and Warehousing 24,271 5.0% $1,333,584,827 2.6% $54,946
Information 9,165 1.9% $1,181,579,633 2.3% $128,923
Arts, Entertainment, and Recreation 16,088 3.3% $1,129,338,274 2.2% $70,198
Finance and Insurance 13,147 2.7% $1,041,936,351 2.0% $79,253
Agriculture, Forestry, Fishing and Hunting 3,736 0.8% $275,349,343 0.5% $73,702
Public Administration 1,607 0.3% $178,242,038 0.3% $110,916
Management of Companies and Enterprises 916 0.2% $112,030,694 0.2% $122,304
Mining, Quarrying, and Oil and Gas Extraction 362 0.1% $64,405,797 0.1% $177,917
Utilities 499 0.1% $63,815,161 0.1% $127,886
Unclassified Establishments 22,704 4.6% $1,261,721,967 2.5% $55,573
Total 489,106 100.0% $50,959,302,728 100.0% $104,189

Source: U.S. Small Business Administration
Data accessed on March 25, 2021, for the period ending February 28, 2021.

New York State Enacted Budget for Fiscal Year 2021-22

Last week, New York State leaders adopted a $212 billion budget for the fiscal year beginning April 1, 2021. The budget relies on significant new resources from federal aid and higher tax rates on high-income taxpayers and corporations. Personal income tax rates for filers with incomes of at least $1.1 million will increase from 8.82 percent to as much as 10.9 percent for those with incomes of more than $25 million. The Office of the State Comptroller estimates the change may affect approximately 123,000 filers, more than half of whom were part-time residents or nonresidents in 2019.

The new revenues will support investments in education and health care programs, provide benefits to the middle class, and offer relief to struggling New Yorkers and small businesses. In a press statement, Comptroller DiNapoli cautioned: “While much of the new resources may be temporary and necessary to meet current needs, it is important that spending not grow to unsustainable levels. The State must plan for the end of emergency federal aid and use new tax resources to fund essential services, to once again begin contributing to rainy day funds and to reduce projected out-year gaps.” Read the full statement.

Comptroller DiNapoli will release a detailed analysis of the Enacted Budget shortly.

Prior Editions

Thomas P. DiNapoli

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