Report: Almost 114,000 Vermont jobs were saved by Paycheck Protection Program

Local News

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According to recent data from the Treasury Department, Vermont businesses received nearly 12,000 loans through the federal Paycheck Protection Program with a net value of almost $1.2 billion.

Now, an analysis of the Treasury data by shows that the PPP saved 113,838 jobs in Vermont. In New Hampshire, which received almost 24,000 loans worth more than $2.5 billion, some 210,000 jobs were retained, according to the publication. And in New York, $38 billion in loans saved 3.1 million jobs.

Nationwide, more than 50 million jobs that might have been lost due to the COVID-19 pandemic have been saved by PPP funding, and the more money a state received, the more jobs were saved. California businesses, which received the most from the program — more than $68 billion — retained 6.5 million, according to the analysis.

A separate analysis by WalletHub used Department of Labor statistics attempted to calculate how quickly each state is recovering, based on changes in unemployment claims since the pandemic began. Vermont saw a 879 percent increase in claims over the same period in 2019, the fourth lowest in the country.

New Hampshire, meanwhile, saw a 2700 percent increase in jobless claims, putting the Granite State near the bottom of the rankings. New York ranked 17th with a 1,145 percent increase in claims since the pandmic began.

The report suggests that blue states seem to be recovering faster, with new jobless claims falling at a quicker rate than in red states. Nationally, layoffs due to coronavirus wiped out all the jobs created since the 2008 recession.

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