Paycheck Protection Program for Female Business Owners [2024 Best States]

When the coronavirus pandemic swept across America and more and more states started issuing stay-at-home orders, many people grew concerned about the economic impact the pandemic would have on small businesses.

To keep businesses afloat, Congress passed the Paycheck Protection Program (PPP), which stipulated that the federal government would loan money to small businesses, with the possibility of those loans being completely forgiven. This article focuses on the Paycheck Protection Program for female business owners.

With the distribution of loans, a problem soon developed, and it was a problem that had been going on throughout American history. Male-owned businesses were benefiting from the PPP more than female-owned businesses.

Fortunately, that was not always the case. The successes of the Paycheck Protection Program for female business owners depended greatly on where the female-owned businesses were located.

Female-owned businesses did better than male-owned businesses in a certain number of states.

For instance, in some states, even when female-owned businesses received less loan money, they still saved more jobs than male-owned businesses in those states.

The interactive graph at the top of the page shows each state by its difference in the PPP loan amounts to men- and women-owned businesses. The bigger the difference in loan amount between male-owned businesses and female-owned businesses, the darker red the state.

It’s an interactive graph, so just hover your cursor over each state’s difference (on desktop) or press your finger on the state if you’re on mobile. In this article, we cover the top 10 states for PPP loan assistance to women-owned businesses and the bottom 10 states as well.

It’s a snapshot that shows the entire 50 states and those in which women-owned businesses have fared the best. We also cover various topics that affect not just female business owners but male business owners as well:

• Paycheck Protection Program forgiveness
• Paycheck Protection Program recipients
• Government small business payroll
• A PPP loan for self-employed individuals
• Frequently Asked Questions about PPP

In the frequently asked questions section, we’ll cover who is not eligible for a PPP loan, the new PPP loans for minority-owned businesses, additional resources for funding like small business grants for women and government funding for female entrepreneurs, and SBA grants.

Although this article is about the Paycheck Protection Program, business owners have additional options for covering their employees’ paychecks and keeping their businesses afloat.

One option is with a personal loan. Finding “loans near me” can give you a leg up against the competition and keep your business afloat. Perhaps the quickest way to find the best loan or the loan that suits your needs is to compare loans from different lenders.

Enter your ZIP code into our free online loan comparison tool to find the best loans in your area based on factors like your credit history and income level.

Now, back to the Paycheck Protection Program. Ready? Scroll down to find the best states for PPP assistance to female business owners and where your state stands.

What Are the 10 Best States for PPP Assistance to Female Business Owners?

To complete our ranking of the 50 U.S. states for PPP assistance to female business owners, we looked at three categories:

• Number of male-owned businesses compared to female-owned businesses that received a PPP loan
• The average difference between loan amounts for a male-owned business compared to a female-owned business
• The number of jobs that were saved on average between male-owned and female-owned businesses

The 10 best states showed numerous similarities: There was a better balance between loans given to male-owned businesses and female-owned businesses, a closer disparity between the average loan to a male-owned business and a female-owned business, and an almost even split between the jobs a male-owned business saved versus a female-owned business.

Some of the challenges women business owners face might be mitigated a little bit due to a more accepting and productive business climate in these best 10 states.

This kind of thing helps, considering that many women face challenges outside of the workplace as well as taking care of their children, for instance. In six of our 10 best states, female-owned businesses actually saved more jobs than male-owned businesses, even while receiving less overall loan funding.

The following table shows the statistics for those 10 best states for the three categories, along with their final ranking. For each of the statistics in the last three columns to the right, the “ratio loans approved” or “difference in average of loan amounts” is male-owned businesses compared to female-owned businesses.

For instance, a “ratio loans approved” of 2.59 to 1 means that there were 2.59 male-owned businesses that had loans approved compared to one women-owned business enterprise.

10 Best States for Paycheck Protection Program Assistance to Female Business Owners

One interesting note is that the 10 best states are from all around the country. There is one in the West, one in the Northeast, two in the South, and five in the Midwest.

The remaining state is Alaska, which is not in the continental United States and doesn’t necessarily count to any region’s total. The graphic shows those 10 best states below and where they are in the country.

Our ranking starts with the No. 10 best state in the United States for PPP assistance to female business owners: Florida.

#10 – Florida

• Male- to Female-Owned Business PPP Loan Approval Ratio: 3.15 to 1
• Male Owners’ PPP Loans Amount Greater than Female Owners: +$5,469
• Male- to Female-Owned Businesses PPP Jobs Saved Ratio: 1.03 to 1

Florida, the Sunshine State, comes in at No. 10 in our best states for PPP assistance to women-owned businesses. An average of 3.15 male-owned businesses received PPP loans compared to one female-owned business, which actually was higher than the average state.

The other statistics were, however, much lower than the average. The difference in loan amount for male-owned businesses to female-owned businesses was about $1,100 lower in Florida than the average for all states.

The number of jobs saved by male-owned businesses compared to female-owned businesses was lower in Florida as well.

There are hundreds of companies offering loans in Florida aside from the Paycheck Protection Program that might benefit small business owners along with furloughed employees who have experienced a drop in income.

Although this time period is very difficult, keeping all options open can make the difference between paying bills or bankruptcy.

#9 – Washington

• Male- to Female-Owned Business PPP Loan Approval Ratio: 2.92 to 1
• Male Owners’ PPP Loans Amount Greater than Female Owners: +$6,161
• Male- to Female-Owned Businesses PPP Jobs Saved Ratio: 1.04 to 1

Washington, the Evergreen State, comes in at No. 9 on this list of best states for PPP assistance to women-owned businesses. Washington has a smaller ratio of loans between male-owned and female-owned businesses compared to Florida.

It also has a $500 difference in the average loan amount between male and female business owners. The number of jobs saved in a male-owned business versus a female-owned business is lower than the average for all states as well.

Overall, however, there is great news: Washington ranked No. 1 in the best states receiving Paycheck Protection Program assistance according to our study. Each PPP loan in Washington covers over 60 percent of the average worker’s salary, a full 21 percent better than the second-best state.

#8 – Alaska

• Male- to Female-Owned Business PPP Loan Approval Ratio: 2.82 to 1
• Male Owners’ PPP Loans Amount Greater than Female Owners: +$6,817
• Male- to Female-Owned Businesses PPP Jobs Saved Ratio: 1.01 to 1

Alaska, the Last Frontier, comes in at No. 8 on this list of the best states for PPP loans to women-owned businesses.

It follows the pattern of Florida, with its ratio of men- to women-owned businesses receiving PPP loans and the number of jobs saved between men- to women-owned businesses being better than the average state.

The one statistic where Alaska is worse than average is with the loan amount difference between men- and women-owned businesses. It is about $150 higher than the average for all states.

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#7 – North Dakota

• Male- to Female-Owned Business PPP Loan Approval Ratio: 3.48 to 1
• Male Owners’ PPP Loans Amount Greater than Female Owners: +$4,141
• Male- to Female-Owned Businesses PPP Jobs Saved Ratio: 0.94 to 1

North Dakota, the Peace Garden State, comes in at No. 7 on this list of best states for PPP assistance to women-owned businesses.

North Dakota is an interesting state on this list because it is much better than the average for all states in two categories: the difference in loan amount between men- and women-owned businesses and the number of jobs saved for men-owned businesses compared to women-owned businesses.

Women-owned businesses outperformed male-owned businesses in the average number of jobs saved in North Dakota, even when receiving less money per loan.

The one category that is worse than the average for all states is the ratio of male-owned to women-owned businesses that received PPP loans. In this category, it is near dead last in the country.

#6 – Wisconsin

• Male- to Female-Owned Business PPP Loan Approval Ratio: 2.89 to 1
• Male Owners’ PPP Loans Amount Greater than Female Owners: +$6,614
• Male- to Female-Owned Businesses PPP Jobs Saved Ratio: 0.98 to 1

Wisconsin, the Badger State, comes in at No. 6 on this list. While Wisconsin is not the leader of the five best states we’ve covered in any category, what it has is consistency: For all three categories, it is better than the averages for all states.

Wisconsin’s best category is the ratio of jobs saved in male-owned businesses compared to jobs saved in women-owned businesses.

It is just one of six states where women-owned businesses saved more jobs than male-owned businesses, even with smaller loan amounts on average. While this is great news for female business owners in Wisconsin, a smaller loan amount can be a hindrance.

Female business owners can offset this by searching for a loan company in Wisconsin if they need extra funds.

Even though the Paycheck Protection Program can be a lifesaver for many small businesses, business owners are generally limited to one loan per business. This can pose a problem if a small business owner has used their entire PPP loan but still faces bankruptcy.

#5 – Vermont

• Male- to Female-Owned Business PPP Loan Approval Ratio: 2.86 to 1
• Male Owners’ PPP Loans Amount Greater than Female Owners: +$5,507
• Male- to Female-Owned Businesses PPP Jobs Saved Ratio: 1.04 to 1

Vermont, the Green Mountain State, comes in at No. 5 on this list. It ranks much better than the average state for all categories. There is a smaller ratio between male-owned and female-owned businesses that receive loans in Vermont compared to the average state.

The difference between a male business owner and a female business owner loan amounts to $5,507 $1,100 lower than the average for all states. The average number of jobs saved in male-owned businesses is almost identical to the average number in female-owned businesses.

#4 – Iowa

• Male- to Female-Owned Business PPP Loan Approval Ratio: 3.12 to 1
• Male-Owners’ PPP Loans Amount Greater than Female Owners: +$3,525
• Male- to Female-Owned Businesses PPP Jobs Saved Ratio: 0.98 to 1

Iowa, the Hawkeye State, comes in at No. 4 on this listing of the 10 best states for PPP assistance to women-owned companies. It ranks near the top for all states for two categories and is near the average for the third.

Its best ranking is for the difference in the amount of the average loan to male-owned businesses and female-owned businesses.

Iowa comes in second out of all states with a $3,500 difference between loans to men- and women-owned businesses.

This $3,500 difference is $3,100 less than the average for all states at $6,600. Like in a few other states, women-owned businesses in Iowa saved more jobs on average than male-owned businesses. This contributed to its high ranking as the fourth-best state for PPP assistance to female business owners.

#3 – Minnesota

• Male- to Female-Owned Business PPP Loan Approval Ratio: 3.15 to 1
• Male Owners’ PPP Loans Amount Greater than Female Owners: +$3,367
• Male- to Female-Owned Businesses PPP Jobs Saved Ratio: 0.95 to 1

Minnesota, the North Star State, comes in at No. 3 on this list of the 10 best states for PPP assistance to women-owned businesses.

It ranks near the best for two categories: difference in loan amount between male and female business owners and the ratio of average jobs saved in male- versus female-owned businesses.

Its $3,370 difference between loans to male-owned businesses and female-owned businesses is $3,300 less than the average of all states. It is also just one of the six states where female-owned businesses are saving more jobs than male-owned businesses.

#2 – Nebraska

• Male- to Female-Owned Business PPP Loan Approval Ratio: 2.91 to 1
• Male Owners’ PPP Loans Amount Greater than Female Owners: +$3,977
• Male- to Female-Owned Businesses PPP Jobs Saved Ratio: 0.95 to 1

Nevada, the Silver State, comes in at No. 2 in our list of the 10 best states for PPP assistance to female business owners. For two categories, it beats out 47 other states and in the other beats out 35 states.

The two categories where Nebraska beat out almost every other state are the difference in loan amount for men- versus women-owned businesses and the ratio of the number of jobs saved between them.

It is one of the few states where female-owned businesses save more jobs than male-owned businesses, even when female-owned businesses received around $2,700 less per loan than the average loan for a male-owned business.

Self-employed individuals and independent contractors are also eligible for PPP loans and face the same rules for the allocation of that loan amount.

Still, personal loans in Nebraska are available to qualified self-employed individuals and independent contractors to cover bills and other expenses if their PPP loan amount wasn’t high enough.

#1 Best – Missouri

• Male- to Female-Owned Business PPP Loan Approval Ratio: 2.59 to 1
• Male Owners’ PPP Loans Amount Greater than Female Owners: +$5,434
• Male- to Female-Owned Businesses PPP Jobs Saved Ratio: 0.94 to 1

Missouri, the Show-Me State, comes in at No. 1 on this list of the 10 best states for PPP assistance to women-owned businesses.

It ranked among the best states in each of the three categories, with its worst ranking being for the difference in loan amount between male-owned and female-owned businesses.

Missouri’s very small ratio of men versus women businesses that received PPP loans meant that the distribution of loans was a little more balanced compared to other states.

Its ratio of jobs saved from male-owned businesses to women-owned businesses is the second-best of all states. It is another state where female-owned businesses saved more jobs than male-owned businesses.

Though PPP loans are solely for business owners, self-employed individuals, and independent contractors, there are other loans that can help out other residents of Missouri, including personal loans and car loans.

Missouri loan companies are spread out across the state, so you should be able to find one near you.

10 Worst States for PPP Assistance to Female Business Owners

We’ve seen the 10 best states for PPP assistance to female business owners. They represent all six states where female-owned businesses saved more jobs than male-owned businesses, even when receiving on average $1,550 less per loan. But while those states did the best out of the entire country, there were some states that did the opposite.

The following table contains the 10 worst states for PPP assistance to female business owners and their individual statistics within the three categories we used for our ranking.

As with the previous table, for each of the statistics in the last three columns to the right, the “ratio loans approved” or “difference in average of loan amounts” is a statistic based on male-owned businesses to female-owned businesses.

For instance, a “difference in average loan amounts” of $9,718.62 means the average loan for a male-owned business in that state was $9,718.62 higher than the average loan for a female-owned business.

10 Worst States for Paycheck Protection Program Assistance to Female Business Owners

Unlike our 10 best states, the 10 worst states are not from all regions in America. There are two from the Northeast, four from the South, and four from the West. The graphic below shows the 10 worst states for PPP assistance to women-owned businesses throughout the country. The Midwest is the only region in the country that does not have a state in the bottom 10 for PPP assistance to women-owned businesses.

The Midwest has five of the 10 best states for PPP assistance to female business owners in addition to having no states in the 10 worst states ranking.

Because these states are the worst for Paycheck Protection Program assistance toward female business owners, women business owners might want to consider an additional business loan to help them keep their business solvent and even their employees paid.

Now, let’s head to the ranking, where we break down each state by those same three statistics that we used for the best states: the ratio of male-owned to female-owned businesses receiving loans, the difference in the loan amount, and jobs saved between male-owned and female-owned businesses.

#10 – New York

• Male- to Female-Owned Business PPP Loan Approval Ratio: 3.32 to 1
• Male Owners’ PPP Loans Amount Greater than Female Owners: +$6,891
• Male- to Female-Owned Businesses PPP Jobs Saved Ratio: 1.08 to 1

New York, the Empire State, comes in at No. 10 on this list of the 10 worst states for PPP assistance to women-owned businesses.

It is below average in all three categories, with its worst score coming in the ratio of the male-owned businesses to female-owned businesses that received PPP loans.

The difference in the loan amount for male-owned businesses to female-owned businesses is New York’s second-worst category, with male-owned businesses receiving $6,891 more per average loan compared to the average loan for women-owned businesses. This is about $250 higher than the average for all states.

Other companies in New York offer loans, which can bridge the gap between a PPP loan and the female business owner’s expenses.

The same is true for New Yorkers who are self-employed individuals or independent contractors. If a PPP loan amount is lower than what was expected, a worker or business owner might not have an option between filing for another loan or face a financial catastrophe.

#9 – Georgia

• Male- to Female-Owned Business PPP Loan Approval Ratio: 3.25 to 1
• Male Owners’ PPP Loans Amount Greater than Female Owners: $7,349
• Male- to Female-Owned Businesses PPP Jobs Saved Ratio: 1.10 to 1

Georgia, the Peach State, comes in at No. 9 on this list of the 10 worst states for PPP assistance to women-owned businesses. Of all the states we’ve covered so far, Georgia is the worst state by far when it comes to the difference in loan amounts given to male-owned businesses compared to female businesses.

Male business owners receive $7,349 more than female business owners. This is $600 worse than the average for all states.

Likely due to this, male-owned businesses save more jobs on average than female-owned businesses. The number of male-owned businesses that receive loans compared to female-owned businesses is high as well.

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#8 – Nevada

• Male- to Female-Owned Business PPP Loan Approval Ratio: 3.05 to 1
• Male Owners’ PPP Loans Amount Greater than Female Owners: +$7,743
• Male- to Female-Owned Businesses PPP Jobs Saved Ratio: 1.21 to 1

Nevada, the Silver State, comes in at No. 8 on this list of the 10 worst states for PPP assistance to women-owned businesses.

While Nevada is better than Georgia in the ratio of male-owned to female-owned businesses that have received PPP loans, it has an even worse score when it comes to the difference in PPP loans given to male-owned businesses compared to women-businesses.

This $7,743 difference between loan amounts for men- versus women-owned businesses is $1,900 worse than the average for all states.

Its ratio of the number of jobs male-owned businesses saved compared to female-owned businesses is much worse as well. In this subcategory, Nevada ranks worse than all but one state. For every job a female-owned business saves, 1.15 jobs at a male-owned business are saved.

#7 – South Carolina

• Male- to Female-Owned Business PPP Loan Approval Ratio: 3.36 to 1
• Male Owners’ PPP Loans Amount Greater than Female Owners: +$7,783
• Male- to Female-Owned Businesses PPP Jobs Saved Ratio: 1.10 to 1

South Carolina, the Palmetto State, comes in at No. 7 in this ranking of the 10 worst states for PPP assistance to women-owned businesses.

Its statistics in all subcategories are worse than all three of the preceding states, with just one exception: For the number of jobs saved between male-owned and female-owned businesses, South Carolina ranks bad, but not as bad as Nevada.

However, for the other two categories, South Carolina ranks worst out of all the states listed so far.

An average of 3.36 male-owned businesses received a PPP loan for every one female-owned business.

And the difference in loan amounts for men- versus women-owned businesses is $7,783. This is $1,140 worse than the average for all states.

#6 – Utah

• Male- to Female-Owned Business PPP Loan Approval Ratio:  4.61 to 1
• Male Owners’ PPP Loans Amount Greater than Female Owners: +$6,643
• Male- to Female-Owned Businesses PPP Jobs Saved Ratio: 1.10 to 1

Utah, the Beehive State, comes in at No. 6 on this list of the 10 worst states for PPP assistance to women-owned businesses.

While our other four states that we’ve covered so far have had generally bad scores all around, Utah has a big split between its best score, its medium score, and its worst score.

Utah’s best category is the difference between loan amounts to male-owned and female-owned businesses.

It ranks near the middle out of all states, and the difference is about equal to the average difference for all states. But its worst score is dead last for all states — the ratio between male-owned businesses and female-owned businesses that received loans.

For every female-owned business that received a loan, 4.61 male-owned businesses received a loan. That a far worse ratio than the national average of 3.13 male-owned businesses to one female-owned business receiving a loan.

#5 – Oregon

• Male- to Female-Owned Business PPP Loan Approval Ratio: 3.30 to 1
• Male Owners’ PPP Loans Amount Greater than Female Owners: +$7,953
• Male- to Female-Owned Businesses PPP Jobs Saved Ratio: 1.10 to 1

Oregon, the Beaver State, comes in at No. 5 on this list of the 10 worst states for PPP assistance to women-owned businesses. Unlike Utah, which had a large spread between its worst score and best score, Oregon had bad scores all the way around.

Its worst scores were in the worst 10 states between two categories: difference in the average loan amount between male business owners and female business owners and the ratio of jobs saved between male-owned businesses and female-owned businesses.

Oregon’s $7,953 difference between the average loan amount given to male-owned businesses to female-owned businesses is $1,300 higher than the average for all states.

The number of jobs saved per male-owned business compared to a female-owned business is high as well, likely due in part to how much more money male-owned businesses are receiving in Oregon compared to female-owned businesses.

#4 – Alabama

• Male- to Female-Owned Business PPP Loan Approval Ratio: 3.05 to 1
• Male Owners’ PPP Loans Amount Greater than Female Owners: +$9,881
• Male- to Female-Owned Businesses PPP Jobs Saved Ratio: 1.15 to 1

Alabama, the Cotton State, comes in at No. 4 on this list of the 10 worst states for PPP assistance to women-owned businesses.

While it has one score that is above average for all states, its other two scores are so low that they drag Alabama into the fourth-worst spot for states all around the country.

Alabama’s $9,881 difference between the average loan amount to male-owned businesses and female-owned businesses is worse than all states but one and is around $3,200 worse than the average for all states.

Its 1.15 male-owned business jobs saved compared to 1 female-owned business job saved is good for near the last of all states in that category.

Alabama’s best category is the ratio of male-owned businesses to female-owned businesses that received PPP loans, where it’s ranked in the middle of all states.

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#3 – Tennessee

• Male- to Female-Owned Business PPP Loan Approval Ratio: 3.31 to 1
• Male Owners’ PPP Loans Amount Greater than Female Owners: +$7,148
• Male- to Female-Owned Businesses PPP Jobs Saved Ratio: 1.15 to 1

Tennessee, the Volunteer State, comes in at No. 3 on this list of the 10 worst states for PPP assistance to women-owned businesses.

Tennessee’s scores are bad in all three categories, scoring in the bottom fifth of all states in the number of jobs saved comparing male and female business owners.

Its best score is the average loan amount difference between male-owned businesses and female-owned businesses. At $7,148, it is just $500 more than the average for all states and $2,730 better than Alabama.

#2 – Arizona

• Male- to Female-Owned Business PPP Loan Approval Ratio: 3.02 to 1
• Male Owners’ PPP Loans Amount Greater than Female Owners: +$10,373
• Male- to Female-Owned Businesses PPP Jobs Saved Ratio: 1.26 to 1

Arizona, the Grand Canyon State, comes in at No. 2 on this list of the 10 worst states for PPP assistance to women-owned businesses. It actually does decently in one of the categories: the ratio of male-owned to female-owned businesses that received PPP loans.

However, it was terrible when it came to the other two categories. Arizona is the state with the largest loan amount difference between male-owned to female-owned businesses.

Arizona’s loan difference between men and female-owned businesses is $10,373, $3,700 higher than the average for all states.

This likely contributes to the difference in the number of jobs saved between male-owned businesses and female-owned businesses. Here, Arizona is also ranked dead last. Fortunately, female business owners have the option of finding a loan company in Arizona to close this gap.

#1 Worst – New Hampshire

• Male- to Female-Owned Business PPP Loan Approval Ratio: 3.44 to 1
• Male Owners’ PPP Loans Amount Greater than Female Owners: +$9,719
• Male- to Female-Owned Businesses PPP Jobs Saved Ratio: 1.16 to 1

New Hampshire, the Granite State, comes in at No. 1 on this list of the 10 worst states for PPP assistance to women-owned businesses. Really, it is just bad.

New Hampshire’s ratio of male-owned to female-owned businesses that received PPP loans is 0.31 higher than average.

New Hampshire’s $9,719 difference between male-owned businesses and female-owned business loans is $3,070 worse than the average for all states. And it is ranked in the bottom 5 for the ratio between jobs saved in male-owned businesses versus female-owned businesses.

Women business owners may struggle with this loan amount difference, facing the possibility of shuttering their business’ doors for good. A business loan can change that. Check out our loans in New Hampshire page for more information.

How Does PPP Loan Assistance to Women-Owned Businesses Look in All 50 States?

We’ve seen the 10 best states for PPP assistance to women-owned businesses and the 10 worst. Now, we’re going to cover the 50 states as a whole. As with the graph at the top of this article, we’ve prepared two more interactive graphs one in this section, one in the next section.

The interactive graph below shows each state by its ratio of the average number of jobs saved comparing male- and female-owned businesses. Most of the worst states for jobs saved comparing male- and female-owned businesses are in the West.

The darker the red, the worse the state was for that statistic. Hover your cursor over a state or press your finger down on a state if you’re on mobile to see that state’s statistics.

While the West has the worst states for this statistic, the South also has a number of states that are among the worst. The Northeast does as well. It is just the Midwest region that fares well overall.

The states where this ratio is the best are predominantly in the Midwest, which, as we’ve seen, has five of the 10 best states for PPP assistance to women-owned businesses. Those are all 50 states for that graph. The next section has another 50-state graph as well.

For that graph, we’re looking at the ratio of average loans given to male- and female-owned businesses and which states were better or worse for allocating those resources to female-owned businesses.

How Does the Paycheck Protection Program Impact Women-Owned Businesses?

The Paycheck Protection Program was part of the CARES Act and allocated over $600 billion to small business owners who faced dwindling revenue and decreased sales due to stay-at-home orders all around the country.

Given that two rounds of PPP funding have passed, the question some are starting to ask is, “How did women business owners fare when it came to securing a PPP loan compared to their male counterparts?”

This issue of opportunity and resources between women and men has been a debate for quite some time, with advocates pushing to help women gain access to predominantly male industries like science or technology.

According to some, female business owners fared worse than male business owners due to male business owners having existing relationships with banks. These pre-existing relationships led banks to approve male business owners quicker, limiting the chances of female business owners.

Women business owners were less likely to apply than men business owners due to hurdles such as not having prior relationships with banks or the legal requirements for PPP loans not being made clear to them.

The female business owners that actually applied fared better than the average business owner. But even with that increased success rate, their loans were smaller than those of the average business owner.

This led many advocates and legal experts to push Congress to adopt measures to protect women business owners and push more of the PPP’s resources their way rather than toward male business owners.

Another factor that may have worked against female business owners is that some male-dominated industries benefited from the Paycheck Protection Program the most. This includes manufacturing, which benefited the most out of all industries.

For female workers, some might be thrust back into dangerous health situations due to public policy and initiatives from groups that are predominantly male. Female teachers, for instance, are faced with the decision to give up their careers or risk contracting the coronavirus.

The economic distress on female business owners was not helped by issues within the PPP and the indirect impact the program had on reducing the number of loans women business owners received.

The following interactive graphic shows the ratio of male- to female-owned businesses that received PPP loans for all 50 states. The darker the red, the worse the state was in that ratio compared to other states.

The worst states for this statistic are spread out all around the country with the worst state — Utah — being in the West. Across the board, however, female business owners received fewer PPP loans than male business owners. One of the issues that affected how many PPP loans female business owners received had to do with the big banks prioritizing male business owners for PPP loans.

While part of this had to do with male business owners having existing relationships with banks, female business owners were still denied more PPP loans compared to their approval rate at other lenders.

One step women business owners can take to mitigate this is to seek out alternative sources of funding other than those from big banks like fintech companies or credit unions.

As of now, it appears that the PPP still has money available, according to the Small Business Administration. That implies that although the first round of PPP funding was tough on women business owners, it may have gotten better, as most companies who needed PPP funding have likely already received it.

The organization that is perhaps most adept at tracking information about the PPP loans and women-owned businesses, in general, is the Small Business Administration (SBA).

Data from the SBA shows that there are women-owned business benefits, including, as we’ve seen, an ability for a female business owner to get approved at a higher rate for a PPP loan than other business owners.

The Women-Owned Small Businesses (WOSB) in the North American Industrial Classification System show that female business owners have an incredibly wide variety of companies throughout major industries in America.

On its website, the SBA has a WOSB directory that lists women-owned businesses and promotes funding opportunities at SBA women’s business centers.

If you’re a female business owner, you may be in the predicament of having received a PPP loan but it not being enough to cover all your expenses. You could apply for a personal loan to cover the additional expenses or appeal directly to your business insurance company.

Unfortunately, there are often clauses in business insurance policies that protect insurance companies from paying out on claims related to pandemics or other worldwide events. Analyzing your business insurance policy closely can give you an answer or you could learn more about business owners’ insurance policies in general.

Commercial Insurance for Small Businesses

One of the challenges small business owners, whether men or women, have faced deals with insurance coverage during the coronavirus pandemic. Most business owners are likely to have insurance protection from numerous business hazards.

This includes protections from worker’s compensation, property damage, and lost wages protection. These often are bundled under a general type of commercial insurance called “commercial multiple peril” insurance.

This commercial multiple peril insurance allows business owners to pick and choose which insurances they want, which may be specific to their situation.

Although insurance companies have been refusing to pay business owners lost wages as a result of the stay-at-home orders, commercial multiple peril insurance still can cover issues like those we mentioned above.

The top 5 commercial multiple peril insurance companies in the United States are a mixture of foreign insurance companies and major U.S. insurance companies. They are listed in the graphic below with their market shares, loss ratios, and premiums written. These companies are considered the best due to their average costs of premiums, customer service, and stability of the company. For a small business owner, male or female, commercial insurance can be helpful in navigating the “new normal” and protecting themselves from liability issues or property damage.

Commercial insurance goes hand-in-hand with new business owners as well, including those looking for small business loans for startups. These insurance policies are different than PPP loans, though, as they typically are not forgivable.

Regardless of the loan you apply for, always remember that insurance plays a key role in protecting a business owner from professional and often even personal financial damage.

The Paycheck Protection Program Prioritizing Men’s Businesses

We’ve gone through the 10 best states and 10 worst states for PPP assistance to women-owned businesses. Now, we’ll hear from thought leaders all around the country.

They are finance specialists, female business owners, and one leader of the National Women’s Business Council. Check out their analysis below. What challenges have women-owned businesses faced during the coronavirus pandemic more than male-owned businesses?

“When you’re a black woman, no one really expects you to own anything, and with the influx of racism amidst the skeletal workforce in some government offices, it gets a little more difficult to run errands nowadays, whether or not it’s a business matter. Also, being a black woman in the industry makes doing business more difficult because we are not allowed to get some loans, which is why we cannot just shift online.”

Do you believe that the PPP loan process benefits male-owned businesses more than female-owned?

“Yes. I know a lot of women entrepreneurs who applied and had the same experience of being passed over throughout the process, leaving them unable to maximize the PPP advantage. Some of my friends also shared instances where their approved loans are less than the national average despite proof that their businesses are better investments.

While there are cases where only the minimal loan was allowed, there are cases too when female-owned businesses did not even get the chance to step foot at the doorstep of PPP loans.”

Does being a woman business owner benefit or hurt you during the coronavirus pandemic?

“I would say it hurt me during the course of this pandemic because I have to juggle far more difficult responsibilities, with the business, my work, and my kids as well. Add the anxiety brought about by contracting the virus, and it feels more overwhelming for moms to handle all of these issues.”

Will the coronavirus pandemic impact the number of women starting businesses and if so, why?

“Again, moms who are also business owners and employees are the ones having most of a hard time juggling all the emotional anxiety and responsibilities accompanied by fulfilling these roles. This all is amplified for women just starting out as entrepreneurs. The pressure is doubled, sometimes even tripled, with risks of what would happen in case it does not work out.”

As a woman business owner, why did you apply for a PPP loan, and what have you spent or plan to spend the money on?

“I am still waiting for the feedback on my application; however, I plan to spend it on adopting software to transition our business online and also help with compensating employees who have to be laid off.”

Alicia Hough is a corporate wellness expert at The Product Analyst.
She also owns a pastry business in her hometown of Tennessee.

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“When the PPP was announced, I had no intention to apply. I saw many other businesses that had it worse than I did — restaurants, shops, and other non-essential businesses forced to close due to local mandates. While the majority of my business relationships in the past have been face-to-face, I was able to move some of my services online and cut costs significantly.

To be honest, I applied for the PPP because a male entrepreneur friend encouraged me to put in an application. His point was clear and one I had not thought of: The PPP was intended for all small businesses — even those that could move their operations virtually.

The economic crisis caused by the coronavirus pandemic would likely cascade to every industry, even though the impact was felt immediately to those industries that physically had to shut down.

I am not sure that I would generalize to all women, but I can certainly say the emphasis on the limited nature of the PPP may have caused fewer women to apply, and the disparate impact may have been that fewer women-owned businesses would have received those funds.

I was glad I took his advice. I received funding, and it has been a valuable resource as my business was eventually impacted by cost-cutting and the uncertainty in the market. All of my money has gone to paying for virtual upgrades and covering regular expenses as my revenue has slowed.

From my personal experience, it seems that women are more likely to have a scarcity mindset (i.e., if I take it, someone else cannot have it).

Women tend to be more cautious with risk statistically, so I certainly believe the pandemic may pose a high risk to those seeking to open a business.

While this is a broad generalization, my own story reinforced my realization that even after three years of self-employment I still have room to improve on advocating for my business and having an abundance mindset.”

Jessica Prater, owner of J. Prater Consulting, specializes in HR and talent development.
She is also a professor of social psychology at Middle Tennessee State University.

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What challenges have women-owned businesses faced during the coronavirus pandemic more than male-owned businesses?

“Many of the types of businesses across America — personal care, mental health, professional development, personal improvement coaching — were all deemed non-essential during COVID-19 restrictions.

Hair salons, nail salons, Mom-n-Pop (non-chain/franchised) restaurants, body waxing centers, handmade crafts, jewelry, art galleries, and museums are all businesses that employ women or are owned by women and which were disproportionately mandated to be closed for weeks upon weeks upon weeks.

Businesses that are predominantly male-dominated for employees and owners — auto body, auto mechanic, liquor stores, franchised/chain restaurants, pharmacies, medical practices, dental practices — were all permitted to remain open for business despite COVID-19.”

Will the coronavirus pandemic impact the number of women starting businesses and if so, why?

“I suspect that the severe mental and emotional crisis we’ve been facing for so many months, in addition to the economic crisis, will actually trigger people — both men and women — to seek a new way of making a living. I believe there will be a surge in self-employment as people choose to live a purposeful life with meaning, choosing a career that motivates us instead of obligating us.

I think an increased number of people will start their own business to afford a lifestyle that balances — with equal importance — work interests and demands with personal interests and demands.

I also believe that these triggers will cause women who have always been contemplating starting their own company to push past any fears that were stopping them.

With the entire world coming to a halt, people increasingly demonstrated the mentality, ‘What have I got to lose now?’ This is the required mentality that sparks a person to push past their fears and take action to make it happen.”

Did you apply for a PPP loan? If so, what have you spent or plan to spend the money on?

“Yes, I did, and in order for the loan to be 100 percent forgiven, you must spend the money on the payroll of employees, business utilities, business rent, or mortgage interest. Sadly, the amount of the loan amounted to enough to only cover two months’ worth of my salary and rent.

However, I wanted to not have to repay the loan, and so that is what I spent the money on. Although from February-June my clientele paused their pursuit of providing leadership coaching as well as leadership training courses in person, business is picking back up with requests for online learning opportunities.”

Amy Beaulieu owns 3 Shoes Inc., a professional development training company.
Amy is a leadership facilitator, learning designer, and business coach.

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“The PPP Loan program is designed to offer loans up to 2.5 times the borrower’s average monthly payroll in 2019. Since women (and minority) owned businesses tend to be smaller in general and have fewer employees this means that they will be eligible for smaller loans.

This is further compounded by the gender pay gap, which is currently estimated at a little over 80 percent. PPP loan amounts will be proportionally less for women business owners because women earn less than men for the same work. The mechanics of the loan submission process also work against women- and minority-owned businesses. Borrowers are required to apply for a loan through a bank.

Most major banks prioritized loans for existing customers and bigger customers first. Since women-owned businesses tend to be smaller and under-banked, this impacted women-owned businesses’ ability to secure loans. During the early days of the PPP program, this was a major source of stress for women-owned business owners.

Most women business owners who were eligible for an (albeit smaller) loan were eventually able to secure one as the PPP program was eventually extended and appropriated funds weren’t completely used.

The PPP loan program is now closed to new applications. And the loan forgiveness process hasn’t really started yet, so it remains to be seen what the loan forgiveness rate will be for women- and minority-owned businesses relative to the overall forgiveness rate.

Business owners are bringing lawsuits against individual banks and the SBA claiming the process is discriminatory, while many believe that despite the PPP loan process being difficult to administer and flawed, it does not discriminate against women-owned businesses.”

Scott Ackerman is a remote CFO specializing in small businesses and startups.
He has advised multiple clients on navigating the PPP loan processes.

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What challenges have women-owned businesses faced during the coronavirus pandemic more than male-owned businesses?

“I have found that women have been less likely to pursue PPP loans and the EIDL (Economic Injury Disaster Loan) or to pursue as large amounts as men. It’s the same thinking that stops some women from going for the top spots in companies (ignoring sexism, for a moment) or from growing large businesses. This lack of or reduced emergency capital causes HUGE issues and challenges.”

Do you believe that the PPP loan process benefits male-owned businesses more than female-owned?

“Not directly. But indirectly, yes. More males have banking relationships or will reach out to a banker to get the relationship needed to get the loan. In this PPP process, especially the first month to six weeks, you needed to have a banking relationship with a community bank or be a larger small business (i.e., $10 million in revenues and up) at a national bank to get attention and get your loan processed.

Banks were so swamped and the rules were in flux so they, wrongly or rightly, prioritized, which favored male-owned businesses.

I stress the need for a relationship with a business banker, who is typically a VP or above or the equivalent, and here was where that need strongly played out. Also, women-owned businesses tend to be smaller. It was even more confusing for those women who had no employees and so fell under the self-employed classification.

“Does being a woman business owner benefit or hurt you during the coronavirus pandemic?

“For me personally, I believe it was neutral. But I provide a service that firms need to help them navigate crises like this and have a finance degree and banking relationships.”

Will the coronavirus pandemic impact the number of women starting businesses and if so, why?

“Yes. I think the number will increase. Necessity is the mother of invention. The same way that more women of color and women overall started businesses at a higher rate during the last recession, women who have lost their retail jobs or been downsized elsewhere will do the same so that they can support themselves and their families.”

Did you apply for a PPP loan? If so, what have you spent or plan to spend the money on?

“Yes. I spent the money on wages.”

Tiffany C. Wright is a published author and serial entrepreneur.
Her firm, The Resourceful CEO, helps B2B companies generate higher profits & freedom.

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What challenges have women-owned businesses faced during the coronavirus pandemic more than male-owned businesses?

“According to the latest Annual Business Survey published in May by the U.S. Census Bureau, women owned 1.1 million employer firms. Of those 1.1 million firms, 45 percent were in the health care and social assistance industry (16.9 percent or 192,159), professional, scientific, and technical services (16.4 percent or 185,649), and retail trade industry (11.7 percent or 132,894).

We all have witnessed the devastating effect of the pandemic —imposed closures on companies in our own communities — from closures of child day care centers to retail stores.

Whether home-based businesses or brick and mortar businesses, many are still shuttered — and shattered. Compounding this, 90 percent of all women-owned businesses are sole proprietors. For many of these solopreneurs, business ground to a complete and swift halt — permanently.

Without a backup person to help financially or through their hands-on resources, months of being closed without customers have sadly led to a permanent ‘out of business’ sign.”

Do you believe that the PPP loan process benefits male-owned businesses more than female-owned?

“The process itself was fairly simple and straightforward regardless of your gender. However, women-owned businesses could have faced obstacles in applying for the loan if they lacked the required financial documents. As the National Women’s Business Council crisscrossed the country last year hosting roundtables with women business owners, we learned about the widespread lack of financial literacy in general.

So, at NWBC, we do have some concerns but lack the data to actually know how female-owned applications fared compared to male-owned firms. NWBC is currently working on this financial literacy problem among female founders, I’m happy to report as the chair, and we plan to offer recommendations to SBA and other agencies later this year to remedy it.

In addition, we are in active communications with members of Congress as well as SBA on the need to obtain this gender-related data related to PPP loans. A woman business owner may have missed the window of opportunity to apply for a PPP loan since time was of the essence.

This includes if a women-owned business lacked those necessary financial documents from the onset. However, the second round of PPP funding provided that important second chance at-bat. As chair of NWBC, I actively communicated with SBA officials and the administrator about the unique business needs of these very, very small women business owners to ensure they got equal access to these emergency funds in that second cycle.

We were pleased when $60 billion was set aside for small lenders to administer loans. Small businesses tend to bank with small lenders.”

Does being a woman business owner benefit or hurt you during the coronavirus pandemic?

“My gender has had zero impact on my business during this time. My company, a marketing strategy firm to technology companies, has done very well during the pandemic simply because of my focus on them. Since tech companies have thrived due to a swift widespread adoption of all types of technology, my business has fortunately followed suit. So, it has nothing to do with my being a woman and everything to do with the target market I serve.”

Will the coronavirus pandemic impact the number of women starting businesses and if so, why?

“Necessity is truly the mother of invention. And women are very entrepreneurial, especially millennial women. NWBC published a research report on the profile of millennial women, available on the council’s website. By 2025, millennials will comprise 75 percent of the workforce, and many will become entrepreneurs.

Millennial women are more racially and ethnically diverse than prior generations of entrepreneurial women, they are the most educated generation to date, and their participation in entrepreneurship courses has been growing significantly.

Interestingly, women entrepreneurs are more likely to be married and have children than non-entrepreneur women. So, perhaps if the pandemic closes one door of employment for women, it opens the entrepreneurial door for women to enter. I personally hope more women continue to take their entrepreneurial aspirations to actuality. Women-owned businesses constitute 42 percent of all businesses today. Let’s get to 50 percent and beyond!”

Liz Sara is chair of the National Women’s Business Council and CEO of Best Marketing LLC.
NWBC is the only independent federal advisory committee for the 13 million U.S. women-owned businesses.

Frequently Asked Questions: Payment Protection Program Specifics

Now, we’ve covered the 10 best states for PPP assistance to women-owned businesses and the 10 worst states as well. We’ve looked at two issues: how the Paycheck Protection Program has impacted women-owned businesses and commercial insurance for all small business owners overall.

And we’ve heard from the experts. Now, we’ll answer a few of your frequently asked questions and dive a little deeper into specific PPP issues that affect both women-owned and male-owned businesses.

Topics covered in this section include:

• How do I register as a woman-owned small business?
• How can I use the PPP aid package for my small business?
• How can I get Paycheck Protection Program forgiveness?

It’s helpful to note before starting this section that there are numerous PPP lenders, additional opportunities like receiving a small business stipend, and other women’s small business grants (in 2020 or 2021). Now, to your frequently asked questions.

#1 – What qualifies you for a PPP loan?

Any small business that has 500 or fewer employees is eligible for a Paycheck Protection Program loan. This runs the gamut from small businesses of different types (S-Corp, LLCs, etc.), private nonprofit groups, tribal groups, and veterans groups. It’s not just business owners who qualify for PPP loans, however.

Self-employed individuals and independent contractors can apply for PPP loans as well.

The PPP loan still needs to be used for payroll, mortgage payments, rent payments, and utilities. You might be able to spend it on women-owned office supplies, for instance, but you may have to pay that money back.

#2 – Are PPP loans still available?

Yes, there is still money left in the Paycheck Protection Program, which means that small businesses can still apply for and receive PPP loans. Some experts speculate that this remaining balance signifies that small businesses as a whole have received the support they needed to stay afloat.

#3 – Can you get approved for two PPP loans?

No, the general rule for PPP loans is that the owner of a business is only able to receive one — for that business. If a business owner owns more than one business, they can receive two loans or more, depending on how many businesses they have.

#4 – Who is not eligible for PPP loans?

There are quite a few situations where a business owner wouldn’t be eligible for a PPP loan. These include if the owner has committed or is under investigation for a crime, is a non-U.S. citizen owner of a business, owns a passive income business (like an apartment complex), owns a speculative business, or has a business as part of a pyramid scheme.

Others are based on certain types of businesses, whether that organization is a government agency, and the type of product a company sells.

#5 – How do you get approved for a PPP loan?

The main issue for business owners getting approved for a PPP loan comes down to thoroughness and the type of lender they select. The first thing a business owner will want to do is to calculate how much they are eligible for when it comes to a PPP loan.

Find out how much of your loan will be forgiven, based on what expenses you will use it for.

After that, picking the right lender can either speed or slow the process down. Most people talk to a big bank first, but there are other options like fintech companies and credit unions. Then, after you’ve submitted your application, following up can always help.

In general, educating yourself about the process and talking with representatives from banks or other lenders can help.

While the application information is the same lender to lender, answering the question “How do I apply for SBA COVID?” depends on which lender and route you choose, as well as the likelihood your loan will be approved.

#6 – What can I use my PPP loan for?

Another way to look at this question is, “How can I get Paycheck Protection Program forgiveness?”

There are four ways you can use your PPP loans: payroll, mortgage payments, rent payments, and utility bills. At least 60 percent of the loan should go to payroll if you’re looking to have the total loan forgiven. After payroll, you can use your PPP loan for the other three categories.

If you choose to use it on things outside of what’s explicitly accepted according to the Paycheck Protection Program, you run the risk of not having the loan completely forgiven. This could lead to payments back to the PPP, turning a free loan into one you have to pay parts back, possibly with interest.

#7 – Do female-owned businesses get tax breaks?

For female-owned businesses qualified as a Women-Owned Small Business (WOSB) or an Economically Disadvantaged Women-Owned Small Business (EDWOSB), there are no tax breaks according to the IRS.

However, companies that do business with these two women-owned types of businesses receive tax incentives as a way to encourage deals between female-owned businesses and other companies.

#8 – Is there an advantage to being a woman-owned business?

An advantage to being a woman-owned business is that large manufacturers and even the U.S. government often award contracts specifically for women-owned businesses, which can build revenue in those businesses and become a stable source of revenue in time.

#9 – How do you become a certified woman-owned small business?

Wondering how do I certify a woman-owned business? The qualifications for being a certified woman-owned small business include fitting within the size requirements for a small business in the Small Business Administration (SBA), having women own at least 51 percent of the company, and having women operate the company daily.

To get the certification, a female business owner must go through the Small Business Administration.

#10 – What revenue is considered a small business?

According to the SBA, a small business has an operations limit of $7 million or 500 or fewer employees. However, this depends on the industry. In some industries, the SBA considers a business small if it has $35 million in revenue or even 1,500 employees.

#11 – What is a good profit margin for a small business?

A good profit margin varies according to the industry. Operating costs and whether the business has a substantial overhead can lead to a small business having a lower than typical profit margin. Limiting operating costs or not needing to purchase raw materials (for instance) can lead to a larger profit margin.

#12 – What is the difference between a small business and a large business?

Aside from revenue and the number of people employed, a difference between a small business and a large business is the type and number of services or products offer.

Generally, smaller businesses will target a niche, while a large business has branched out of that niche or has entered new markets by providing a larger number of products or services.

#13 – Can I get a PPP loan to start a business?

No, to receive a PPP loan, the business must have been active and operating on or before February 15, 2020. However, there are many other options to start a business, including pursuing a traditional bank loan, angel funding, crowdfunding, and more.

Female and minority business owners can also use minority PPP loan applications to seek out grants from the government, the Small Business Administration, and other sources.

#14 – Does my business qualify for the Paycheck Protection Program?

How do I get a loan for a female-owned business? The key date for your business to qualify for the Paycheck Protection Program is February 15, 2020. Only businesses that were operating on or before that date qualify for the Paycheck Protection Program.

#15 – Can self-employed get PPP loan?

Yes, self-employed individuals and independent contractors residing in the United States can apply to receive a PPP loan.

#16 – How can I get a PPP loan without a business?

You certainly don’t have to own a business to get a PPP loan — self-employed individuals, freelancers, and contractors can all qualify as well. To receive on, it is just a matter of picking the lending bank and filling out the paperwork.

#17 – Can I apply for PPP if my business started in 2020?

If your business was active and operating as of February 15, 2020, or before, you can apply for a PPP loan. If not, unfortunately, you cannot.

#18 – Who qualifies for the Paycheck Protection Program?

Any small business that was active and operating as of February 15, 2020, or before that has 500 employees or fewer.

#19 – Do I have to pay back the Paycheck Protection Program?

Your PPP loan can be forgiven if you meet certain requirements that were stipulated in the forgiveness policy of the loan. This includes the percentage of money allocated to payroll and other qualifying expenses (rent, for instance).

Keep in mind that these stipulations changed with each extension of the Paycheck Protection Program, so ask a financial professional if you’re in doubt about whether you need to pay the loan back. These extensions were done to help female- and minority-owned businesses.

There is also a process you must go through to have the loan forgiven, which takes place with the lender you initially received the loan from.

Methodology: PPP Assistance for Male- vs. Female-Run Companies

To achieve our ranking of the 10 best states for PPP assistance to women-owned businesses and the 10 worst states for the same category, our researchers looked at the U.S. Small Business Administration’s information regarding individual loans for all 50 states. They looked at three specific categories:

• The ratio of male-owned businesses that received loans compared to women-owned businesses
• The difference between the average loan to male-owned businesses compared to women-owned businesses
• The average jobs saved from male-owned businesses compared to women-owned businesses

To calculate these numbers, our analysts looked at total numbers for men and women-owned businesses within a state, then either averaged them (the ratio and average jobs categories) or subtracted them (the difference category). Overall, 3,548,608 individual data points were analyzed.

Those millions of data points included 214,237 women-owned businesses and 672,915 male-owned businesses and the four categories our data team looked at.

Our researchers also looked at the National Association of Insurance Commissioners for data about the top five commercial multiple peril insurance companies. And for information about the different types of PPP loan lenders, our experts turned to the U.S. Treasury.

Whether you are a female business owner or not, a loan can always help you get through difficult economic times. The best way to find a loan that suits you and your needs the best is to compare loans from different banks or lenders.  Plug your ZIP code into our free online quote generator to find the best loans in your area based on factors like your credit score and income flow.