A report from the Small Business Administration has the First State ranking last among the 50 states in Payroll Protection Program loans. Click here for the report.
Alaska, Vermont, and the Dakotas finished ahead of Delaware when it came to the number of loans and the dollar amount processed. Even the District of Columbia finished ahead of Delaware when it came to the total dollar figure.
Last year, Delaware was slow out of the gate during the first round of PPP funding but later picked up the pace.
Reasons for the lower figures might hinge on the state’s lack of smaller banks that were given the first shot at PPP funding. Larger banks followed.
The PPP program offers loans that can be forgiven for companies that saw lower revenues during the pandemic, but retained employees.
The first round of the program was marred by controversy, with large companies taking advantage of its provisions by using smaller business units. Those provisions were later tightened.
The program uses banks and other financial institutions to handle the application process.. Banks typically give priority to their own customers, although some financial institutions say they will handle other applicants.
Women-owned and minority-owned businesses also claimed to have been frozen out or received minimal assistance.
M&T, the state’s largest retail bank, earlier reported it received more than 700 applications from businesses in Delaware.
M&T is taking applications from non-customers but does require that the businesses and organizations apply for a commercial account.
John Fleming, who heads the Delaware office of the Small Business Administration, was sent an Email message seeking comment.
See an earlier story below.
$1.45 billion in loans issued under Payroll Protection Program went to Delaware organizations
