This PPP data is an amazing snap shot of business in the US.
I see four quick trends without doing a lot of deep analysis.
1. They were handing out money left and right. The shoveled out $4.4 billion in NJ in three months. It looks like anyone who applied for money got money.
2. The number of self-identified Asian businesses is huge in NJ. Black businesses are minuscule and the number of Hispanic business is small.
3. I looked at my town, Teaneck, and a lot of doctors and doctors offices applied and got money. In Teaneck, only one Black business got any money. A barber ship got $25,000.
4. There were a lot of restaurants and beauty salons on the list
5. It’s not clear how many jobs were saved because of self-reporting data inaccuracies.
It also really shows how poorly Black people have done in terms of starting businesses. I looked at the list and we are pretty pitiful.
The data is dominated by unclassified (white) businesses but some self-identify.
Editor’s Note: To make the analysis easy, you have to assume people self-identify (or don’t) at a consistant ratio. In other words, people who don’t self report can be split by the same ratios as people who do self report.
The number of Asian businesses in NJ is amazing. We are probably number # behind CA and NY.
You will need the NAICS code description to see what the business actually does.