Which Austin Businesses Got PPP Loans

Austin TX

21 July, 2021

11:57 AM

Description

AUSTIN, TX — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Austin. The Paycheck Protection Program started in April 2020 as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES), and was extended until May 31, 2021. There were 559,159 PPP loans approved in Texas in 2021 alone, according to the Small Business Administration. The total 2021 amount approved was 22,263,165,930. Loan applications were processed through banks and other traditional lenders, with the SBA backing the resulting loans. Around $800 billion in loans were approved nationwide under the program. The loans are forgivable if borrowers meet certain criteria, including spending at least 60 percent of the money on payroll costs and maintaining employee compensation levels. Below are some Austin businesses that benefited from the program according to the SBA. Check here for a full, searchable database. PINNERGY, LTD Austin, TX, 78701 Approval amount: $8,988,961 Jobs reported: 432 Forgiveness amount: $7,077,780 SXSW LLC Austin, TX, 78701 Approval amount: $5,000,000 Jobs reported: 294 SCOOBEEZ, INC. Austin, TX, 78701 Approval amount: $4,730,500 Jobs reported: 500 Forgiveness amount: $4,770,709 STRATUS PROPERTIES INC Austin, TX, 78701 Approval amount: $3,987,107 Jobs reported: 63 TEXAS ELECTRIC COOPERATIVES, INC. Austin, TX, 78701 Approval amount: $3,550,820 Jobs reported: 250 MANCHESTER AUSTIN LLC Austin, TX, 78701 Approval amount: $3,405,400 Jobs reported: 384 MCGARRAH JESSEE, LP Austin, TX, 78701 Approval amount: $3,399,400 Jobs reported: 132 Forgiveness amount: $3,438,516 TEXAS RESTAURANT GROUP, INC. Austin, TX, 78703 Approval amount: $3,047,100 Jobs reported: 500 Forgiveness amount: $3,082,163 ANACONDA INC Austin, TX, 78701 Approval amount: $2,681,300 Jobs reported: 148 Forgiveness amount: $2,711,986 ZILLIANT Austin, TX, 78701 Approval amount: $2,409,000 Jobs reported: 125 Forgiveness amount: $0 Nationally, the accommodation/food service industry received the largest share of loans in 2021, with 15 percent of the total. Around 87 percent of the loans approved in 2021 were for $50,000 or less, and they accounted for a third of the total approved amount. The average loan size was $42,000. The program wasn't without controversy. Banks tended to prioritize large, established businesses, according to a New York Times analysis. Congress raised fees for small loans in December to encourage lenders to make small business loans, and rules were changed in February to allow unprofitable solo businesses to qualify. Several large companies drew public ire after it was revealed that they took PPP loans instead of relying on traditional capital-raising activities. The outcry prompted the SBA to review all loan applications over $2 million and issue guidance that the program was intended for businesses that lacked access to other cash-raising methods. Editor's note: This list was automatically generated using data from the SBA for approved loans of $150,000 or more, although some loans ultimately were not made. Business owners can contact the SBA if information about a loan isn't correct. SBA data occasionally contains duplicate entries. Other feedback can be sent to [email protected].