December 2, 2023

Small Business

Business Nes

Loans aided more than 400,000 Texas businesses keep staff

4 min read
Storefronts in downtown El Paso are shuttered during the coronavirus pandemic.

HOUSTON — The most finish photograph so much of the federal method intended to retain corporations afloat during the coronavirus pandemic was unveiled this week, but some specifics about the Paycheck Defense Plan keep on being unidentified eight months after it was executed, and most of the revenue has by now been dispersed.

The Little Company Administration, which has been in cost of the bank loan plan, disclosed this 7 days that around 411,000 financial loans were being authorised for Texas corporations. Of all those, a lot more than 98% were well worth $1 million or less.

In overall, Texas firms obtained much more than $41 billion in loans, like $13.8 billion to around 6,200 recipients that gained far more than $1 million each and every. These 6,200 enterprises built up about 1.5% of the complete recipients, but they acquired about a 3rd of the dollars.