The number of Northern Virginia businesses that received loans in the first round of federal COVID-19 stimulus help is higher than the national average, according to a new report.
About 13% of small businesses in Northern Virginia received Paycheck Protection Program loans, according to a report released by the Northern Virginia Regional Commission. The national average is 9% of small businesses receiving the loans.
More than 40,700 businesses received loans as the Small Business Administration prepares to give out the second round of PPP checks.
The report also found that the average loan in Northern Virginia was just over $135,000. This is 34% higher than the national average of around $100,700.
Out of Northern Virginia’s 520 census tracts, 216 or 42% were majority-minority. These same tracts contained 45% of businesses receiving loans and 46% of the total loaned amount in Northern Virginia, according to the report.
What is not known from the PPP data is how many of the loans went to minority business owners, the report said.
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