This funding comes from the Coronavirus Aid, Relief, and Economic Security Act passed and signed into law in March as a response to the economic impact of the coronavirus pandemic.
A number of businesses received loans of at least $1 million, according to U.S. Small Business Administration data. Most businesses that got loans in the three cities, however, received amounts of $50,000 or less, data shows. Roughly half of these federal stimulus loans in Lewisville, Highland Village and Flower Mound went to businesses in the industries of accommodation and food services; retail trade; health care and social assistance; professional, scientific, and technical services; and construction. Companies that received PPP loans were also asked to report the number of jobs they expected to retain on their loan application. While most companies reported retaining some number of jobs, about 17% of loan recipients in Lewisville, Flower Mound and Highland Village either did not respond to this question or reported zero jobs retained.
Businesses must meet certain federal standards to be eligible for loan forgiveness.
In all, businesses that received loans in the three cities reported roughly 33,000 jobs retained in their loan paperwork.
Here is how the number of loan recipients breaks down in Lewisville, Highland Village and Flower Mound's six major ZIP codes. Daniel Houston contributed to this report.
Editor's note: Community Impact Newspaper, headquartered in Pflugerville, and Community Impact Printing were recipients of PPP funding.
