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States and metro areas have experienced differences in the pandemic’s severity and the duration of lockdown orders, as well as industry exposure to both factors.

Meanwhile, fewer than 60% of small businesses received loans in Tucson, Ariz., San Francisco, Sacramento, Calif., and San Jose, Calif. (Chart 1b).

The ranges are even wider across large and midsized metro areas (those with populations between 250,000 and 1 million residents).

Metro areas with higher shares of Black-owned businesses were more likely to receive PPP loans (correlation of 0.2).

Local leaders working in economic development and small business support organizations are closest to these challenges, and can inform local, state, and federal small business strategies over the next 24 months.

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