Texas, California get biggest chunks of small business bailout cash: SBA

Texas, California get biggest chunks of small business bailout cash: SBA

© Reuters. An aerial view from a drone shows virtually deserted streets during a lockdown to prevent the spread of the coronavirus disease (COVID-19) in San Francisco

(Reuters) – Businesses in Texas and California, the two largest U.S. states, have grabbed the biggest slices of the $247.5 billion so far allocated through a new federal government program to help small firms weather the coronavirus pandemic, data from the agency running the program showed on Tuesday.

Some $21.8 billion under the Paycheck Protection Program has been allocated to businesses in Texas, the second-biggest U.S. state, according to data from the Small Business Administration. California businesses applying for the grants won a total of $20.9 billion, the data showed. In all, the SBA will distribute $349 billion to small businesses under the program, and the Trump administration is negotiating with Congress over adding $250 billion to the pot.

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