PPP Usage for North Central NM Economic Development District

Overview

The Paycheck Protection Program (PPP), under Title 1 of the CARES Act works to replace revenue for businesses through forgivable loans. PPP loans are not directly granted through the US government but by local institutions guaranteed by the Small Business Administration (SBA). Recipients of PPP loans self certify eligibility to the financial institution granting the loan but are subject to review by the SBA (all loans greater than $2mil will be automatically filed for review). In addition to eligibility self certification, all demographic information is voluntarily submitted to the granting institution and should be treated carefully when making claims about loan recipients.

Geographic Summary of PPP Loans

Within the NCNM district, county participation in the PPP loans program is in line with population size and economic activity in each county.The largest county participant of the PPP loan program being Santa Fe with 2,362 loans claimed and the smallest, Mora, with 15 loans claimed. Santa Fe also saw the largest number of jobs claimed to be returned on behalf of the loan.

Two counties of note in the dataset are San Miguel County whose small loan sum was able to cover the cost of 957 employees in the county, and Mora County whose average loan amount was about half of the other counties receiving loans.
County Sum Loan Amount Number of Loans Average Loan Amount Jobs Retained
Santa Fe 83,892,836.8 2,362 3,551,771 9,486
Sandoval 26,950,113.7 828 3,254,845 3,582
Taos 14,900,021.4 475 3,136,847 2,918
Rio Arriba 6,316,536.7 209 3,022,266 787
Los Alamos 5,021,260.1 138 3,638,594 729
San Miguel 4,858,682.3 144 3,374,085 957
Mora 247,622.2 15 1,650,815 44

The map below shows similar information to the table above on a Zip Code level. Each Zip code was translated to latitude and longitude. Hovering above each data point (blue for sum amount received and orange for sum jobs retained), provides information about what city the recipient claimed and the sum amount for that claim.

Lender Summary

Two fields in the PPP summary help inform the lenders granting PPP loans and the businesses who are receiving them. The first names the location at which the PPP loan was distributed. The table below shows the top 5 lenders, their average loan distributed and the number of counties which participated with that institution. Of the 191 total lenders, 90 institutions only granted a single loan. The difference between granted amount between institutions was fairly similar the average being 38,206.30.

Lender Loan Sum Avg Loan Amt Percent of Total Number of Loans Number of Counties
Enterprise Bank & Trust 22,341,700 36,685.88 15.71 609 6
New Mexico Bank & Trust 13,186,400 49,760.00 9.27 265 4
Century Bank 12,671,466 44,305.82 8.91 286 6
U.S. Bank, National Association 9,302,286 30,700.61 6.54 303 5
Centinel Bank of Taos 7,926,090 34,312.08 5.57 231 3

Below summarizes the Business types that were granted PPP loans, which, aligned with the goal of the program, lie mostly with LLCs.Trusts, cooperatives, and non-profit child care centers were the least likely to participate in the program.

BusinessType Pct of PPP Distributed Sum of PPP Distributed Number of establishments Avg Distribution
Limited Liability Company(LLC) 35.90 51,045,423.7 1,489 34,281.68
Corporation 28.39 40,373,050.9 899 44,908.84
Subchapter S Corporation 18.08 25,711,592.7 621 41,403.53
Non-Profit Organization 7.25 10,315,013.7 248 41,592.80
Sole Proprietorship 6.54 9,301,529.6 665 13,987.26
Partnership 1.34 1,901,100.1 45 42,246.67
Professional Association 0.75 1,066,983.9 27 39,517.92
Self-Employed Individuals 0.54 772,824.2 92 8,400.26
Limited Liability Partnership 0.53 760,331.7 16 47,520.73
Independent Contractors 0.38 538,377.8 56 9,613.89
Non-Profit Childcare Center 0.15 207,600.0 5 41,520.00
Cooperative 0.08 107,054.5 4 26,763.62
NA 0.06 80,651.5 3 26,883.83
Trust 0.00 5,539.0 1 5,539.00

PPP Recipient Demographic Information

As stated above, all demographic information was voluntarily submitted by loan recipients and may or may not have been requested by the financial institutions granting the loans. For this reason, the population size of respondents for questions regarding demographics is very low (averaging under 20% response rate).

Gender Average Loan Amount Count Sum Loan Amount Proportion of Response
Female Owned 40,022.13 264 10,565,842 31.69
Male Owned 44,274.32 569 25,192,089 68.31
Unanswered 31,884.11 3,338 106,429,143 0.00

One item of note, either because of prompt from granting institutions or higher willingness to respond, is the question of gender owned business (female vs male owned) had the highest response rate (25.15% or 833 respondents) with 31.69% of those who responded being female and 68.31% being male.

Veteran Average Loan Amount Count Sum Loan Amount Percent of total
Veteran 52,840.87 22 1,162,499 0.82
Non-Veteran 46,702.32 483 22,557,221 15.86
Unanswered 32,315.15 3,666 118,467,354 83.32
RaceEthnicity Average Loan Amount Count Sum Loan Amount Percent of total
Black or African American 18,152.25 2 36,304.5 0.03
American Indian or Alaska Native 105,767.00 1 105,767.0 0.07
Asian 48,507.42 21 1,018,655.8 0.72
Hispanic 40,908.08 134 5,481,682.7 3.86
White 48,028.31 182 8,741,151.8 6.15
Unanswered 33,099.32 3,831 126,803,511.4 89.18