The data released July 6 by the Small Business Administration names businesses that borrowed between $150,000 and $10 million, as well as information regarding loans of less than $150,000, though the names of those businesses were not released.
In New Braunfels, data shows 229 companies—including corporations, nonprofits, independent contractors, sole proprietors and limited-liability companies—received loans from the PPP ranging from $150,000 to $5 million.
An additional 1,577 New Braunfels businesses received loans of $150,000 or less, according to the data. Of the businesses that received loans, 61 identified themselves as nonprofits, including Communities in Schools, Connections Individual and Family Services, and Hope Hospice.
In total, 1,806 New Braunfels businesses received more than $118.4 million in federal aid.
Most of the businesses that received aid also reported the number of jobs retained as a result of the loans—19,075 jobs in New Braunfels, according to the data.
Among the companies listed that provided this data were EdenHill Communities, which reported 145 jobs retained; McAdoo’s Seafood Com., which reported 130 jobs retained; and Gruene Senior Living, which reported 53 jobs retained. Three New Braunfels-based businesses received PPP loans in the $1 million-$2 million range: CGT U.S. Limited, Eden Home Inc.—which operates EdenHill Communities—and Patrick S. Molak Corp., the owner of Gristmill Restaurant, Gruene Hall, Mozie’s, and several other businesses in New Braunfels and San Antonio.
Of the 1,806 PPP loans to New Braunfels-based businesses, 87.3% were in amounts of less than $150,000.
In Washington, D.C., lawmakers are discussing issuing another round of forgivable loans to businesses that have 100 or fewer employees and have experienced revenue loss of 50% or more during the pandemic.
Locally, businesses and nonprofit organizations are still facing significant challenges. Coronavirus case numbers and hospitalizations have surged in Comal and Guadalupe counties and the rest of the state since early June.
John Arensmeyer, the CEO of the national small business advocacy group Small Business Majority, said in a statement that 1 of every 4 small businesses in its network reported receiving a lower amount than it requested and that the data released July 6 is a "far cry" from an accurate representation of the program.
"Across the board, there are gaping holes and inconsistencies in the information. Serious questions remain about whether PPP funds were equitably distributed to minority-owned businesses, and there is an alarming rate of small-dollar loans," Arensmeyer said in the statement.
The SBA released the data July 6 after it was sued by 11 media organizations, including the Associated Press, ProPublica, The New York Times and The Washington Post, over its initial refusal to release detailed loan information.
For more information about PPP loans, visit the SBA website.
PPP loan experience
Have you applied for a PPP loan? What was your experience? How has your business been impacted by the loans and the pandemic? Answers to these questions can help better inform the public about the challenges facing local businesses.
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Ali Linan, Amy Rae Dadamo and Jack Flagler contributed to this report.
