PPP LOANS OVER $150K HELP 63 LOCAL BUSINESSES RETAIN OVER 2900 JOBS
The coronavirus pandemic has hit small businesses especially hard, including many of those in the Brazos Valley.
Over 1300 small businesses in the Brazos Valley have received a Paycheck Protection Program loan of over $150,000. According to the U.S. Small Business Administration, those PPP loans helped those area businesses retain over 65,000 jobs.
In Washington County, 63 local businesses received PPP loans, retaining a total of 2,917 jobs. Five businesses received loans between $1-and-2 million; 18 between $350,000-and-$1 million; and 40 between $150,000-and-$350,000. The most jobs retained locally were at Stanpac USA, which saved 219 jobs with a loan over $1-millon. Washington County Tractor retained 182 jobs and Questspecialty Inc. retained 169 jobs with loans of over $1-millon each.
In Austin County, 47 businesses received PPP loans, retaining 6,279 jobs. A loan between $150,000-and-$200,000 to Allied Lumber & Merchandise helped save 300 jobs.
PPP loans were granted to 25 businesses in Burleson County, retaining 1,829 jobs. Evers and Sons, Inc. received a loan over $5-million to retain 361 jobs, while Four PZ Pizza retained 419 jobs with a loan between $1-and-2 million.
46 Grimes County businesses retained 2,351 jobs. A loan between $1-and-2 million helped Savannah Investments retain 467 jobs.
In Lee County, 33 local businesses retained 1,178 jobs with PPP loans. B&M Ambulance Service, Inc., was able to retain 212 jobs with a loan between $150,000-and-$350,000.
In Waller County, 60 businesses received loans, retaining 3,014 jobs. A loan between $1-and-$2-million enabled the Brookwood Community Corp. to retain 267 jobs.
And, 338 Brazos County businesses received PPP loans, saving a total of 17,350 jobs. Over a half-dozen businesses each received loans in the millions to retain over 500 jobs each.
The loans will be forgiven if all employee retention criteria are met, and the funds are used for eligible expenses.
Evers and Sons got 5 million for 361 people?!?!? Thats insane! Stan Pac saved 219 people for a million! 5 Millions seems fishy.
Do you realize that it takes skilled workers earning higher wages to work at Evers & Sons? Part of the PPP loan can also cover rent, utilities, and interest. If its fishy, they’ll find out the hard way during the forgiveness process.
That averages out to about $66,000/year for each employee. That sounds about right for a skilled position in the oil and gas industry! I’m glad they pay that!