Texas-based businesses have received 175,418 Paycheck Protection Program loan approvals totaling about $12.8 billion, new data from the Small Business Administration shows.
The Lone Star State is among the top five states in the country that has received the most PPP funding, according to the data that shows approvals from April 27 to May 1.
California tops the list and has had 320,156 loans approved totaling $33.2 billion, while New York-based businesses have 164,271 PPP loans approved, totaling $17.6 billion. Florida has had 185,904 PPP loans approved that totals $12.2 billion.
The second round of funding for the PPP, which kicked off last week, has $310 billion allocated to provide small businesses relief amid the COVID-19 pandemic.
Overall, the SBA has approved 2.21 million PPP loan applications totaling $175.7 billion from over 5,000 lenders, according to the data. The average PPP loan size for the second round is $79,000.
During the first round of PPP, funding ran out in a matter of two weeks. Although over half of the PPP funds for round two are already allocated, only time will tell when the loan money dries up.
Texas has 2.7 million small businesses that employ 4.7 million people, according to SBA data. The DFW SBA office estimates there are 800,000 small businesses in its district. Approximately 165,110 of those businesses are contained within the Business Journal's coverage area, based on the U.S. Census Bureau's most recent data.