Which Coppell Businesses Got PPP Loans

Coppell TX

21 July, 2021

10:15 AM

Description

COPPELL, TX — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Coppell. 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 Coppell businesses that benefited from the program according to the SBA. Check here for a full, searchable database. OTB ACQUISITION LLC Irving, TX, 75063 Approval amount: $10,000,000 Jobs reported: 500 Forgiveness amount: $10,111,111 AER MANUFACTURING, L.P. Carrollton, TX, 75006 Approval amount: $5,864,120 Jobs reported: 500 ROMCO EQUIPMENT CO., LLC Carrollton, TX, 75006 Approval amount: $4,924,000 Jobs reported: 247 Forgiveness amount: $4,979,669 VARIDESK, LLC Coppell, TX, 75019 Approval amount: $4,759,091 Jobs reported: 343 Forgiveness amount: $4,813,820 HOMEPRO OPERATING LLC Carrollton, TX, 75006 Approval amount: $4,475,400 Jobs reported: 249 Forgiveness amount: $4,528,110 PEGASUS LOGISTICS GROUP, INC. Coppell, TX, 75019 Approval amount: $4,311,982 Jobs reported: 286 THE EXPO GROUP, INC. Irving, TX, 75063 Approval amount: $4,207,083 Jobs reported: 205 Forgiveness amount: $4,253,880 HOSPICESOURCE LLC Carrollton, TX, 75006 Approval amount: $4,002,225 Jobs reported: 267 Forgiveness amount: $4,049,029 GRILL OPERATIONS 2017 LLC Irving, TX, 75063 Approval amount: $3,947,500 Jobs reported: 500 TANGO MANAGEMENT CONSULTING, INC Coppell, TX, 75019 Approval amount: $3,906,800 Jobs reported: 169 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].