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