Greater than 3,000 companies in Lewisville, Highland Village and Flower Mound acquired doubtlessly forgivable loans by means of the federal Paycheck Safety Program. (Courtesy Pexels)
This funding comes from the Coronavirus Assist, Reduction, and Financial Safety Act handed and signed into legislation in March as a response to the financial impression of the coronavirus pandemic.
A lot of companies acquired loans of no less than $1 million, based on U.S. Small Enterprise Administration information. Most companies that bought loans within the three cities, nevertheless, acquired quantities of $50,000 or much less, information exhibits.
Roughly half of those federal stimulus loans in Lewisville, Highland Village and Flower Mound went to companies within the industries of lodging and meals companies; retail commerce; well being care and social help; skilled, scientific, and technical companies; and building.
Corporations that acquired PPP loans had been additionally requested to report the variety of jobs they anticipated to retain on their loan software. Whereas most corporations reported retaining some variety of jobs, about 17% of loan recipients in Lewisville, Flower Mound and Highland Village both didn’t reply to this query or reported zero jobs retained.
Companies should meet sure federal requirements to be eligible for loan forgiveness.
In all, companies that acquired loans within the three cities reported roughly 33,000 jobs retained of their loan paperwork.
Right here is how the variety of loan recipients breaks down in Lewisville, Highland Village and Flower Mound’s six main ZIP codes.
Daniel Houston contributed to this report.
Editor’s observe: Group Affect Newspaper, headquartered in Pflugerville, and Group Affect Printing had been recipients of PPP funding.