PPP Loans Benefited San Antonio Businesses

San Antonio TX

21 July, 2021

10:14 AM

Description

SAN ANTONIO, TX — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in San Antonio. 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 San Antonio businesses that benefited from the program according to the SBA. Check here for a full, searchable database. SOUTHWEST ELECTRICAL CONTRACTING SERVICES LTD Converse, TX, 78109 Approval amount: $6,175,300 Jobs reported: 470 Forgiveness amount: $6,243,820 BECK HOLDING CO. INC. Converse, TX, 78109 Approval amount: $3,710,700 Jobs reported: 292 Forgiveness amount: $3,753,297 ELDRIDGE ELECTRIC COMPANY OF BEAUMONT, INC. Helotes, TX, 78023 Approval amount: $2,089,468 Jobs reported: 140 Forgiveness amount: $2,113,454 SHADROCK & WILLIAMS MASONRY, LTD. Helotes, TX, 78023 Approval amount: $1,893,600 Jobs reported: 32 Forgiveness amount: $1,914,611 FIRST STEPS NURSING AND THERAPY SERVICES Converse, TX, 78109 Approval amount: $1,261,251 Jobs reported: 184 Forgiveness amount: $1,272,410 HOWELL CRANE AND RIGGING INC. Converse, TX, 78109 Approval amount: $1,100,000 Jobs reported: 96 BECK MANUFACTURING INTERNATIONAL, INC. Converse, TX, 78109 Approval amount: $1,063,638 Jobs reported: 102 HILL COUNTRY STEEL L.P. Converse, TX, 78109 Approval amount: $940,895 Jobs reported: 72 HILL COUNTRY STEEL LP Converse, TX, 78109 Approval amount: $940,800 Jobs reported: 83 Forgiveness amount: $947,647 QUEST UTILITY CONSTRUCTION INC. Converse, TX, 78109 Approval amount: $860,656 Jobs reported: 95 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].