INTERACTIVE: PPP loans allow McKinney businesses to retain more than 23,000 jobs

More than 2,900 businesses have received PPP loans in McKinney. (Courtesy Pexels)
More than 2,900 businesses have received PPP loans in McKinney. (Courtesy Pexels)

More than 2,900 businesses have received PPP loans in McKinney. (Courtesy Pexels)

To combat the economic effects of the coronavirus pandemic, U.S. Congress has authorized a total of $659 billion for the Paycheck Protection Program to help businesses with job retention and other expenses.

In the McKinney area, a total of 2,971 businesses have received PPP loans from the U.S. Small Business Administration, ranging individually from $150,000 to more than $5 million, according to data from the SBA. Businesses that received those loans reported they were able to retain more than 23,000 jobs, according to data.

McKinney-based Hielan Restaurant Group was the lone recipient in the city to receive a PPP loan in the $5 million-$10 million range.

An additional nine area businesses received PPP loans in the $2 million-$5 million range; however, the majority of loans—more than 32%—were in the $10,000-$25,000 range.

The majority of these federal stimulus loans in McKinney went to businesses in the industries of professional, scientific and technical services; health care and social assistance; other services excluding public administration; 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 18% of McKinney loan recipients either did not respond to that question or reported zero jobs retained. Businesses must meet certain federal standards to be eligible for loan forgiveness.


Here is how the number of loan recipients breaks down in McKinney four major ZIP codes.

The SBA released the data July 6 after the administration was sued by 11 media organizations, including The New York Times and Associated Press, for its initial refusal to release detailed PPP loan data.

At the federal level, the SBA has administered more than $518 billion in loans as of July 17. Texas businesses have received $40.7 billion in PPP loans, second only to California at $67.5 billion.

According to John Arensmeyer, CEO of the national small business advocacy group Small Business Majority, 1 of every 4 small businesses in its network reported receiving a lower amount than requested; he said the data is a "far cry" from an accurate representation of the program.

"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.

Jack Flagler and Ian Pribanic contributed to this report.

Editor's note: Community Impact Newspaper, headquartered in Pflugerville, was a recipient of PPP funding.
By Miranda Jaimes
Miranda has been in the North Texas area since she graduated from Oklahoma Christian University in 2014. She reported and did design for a daily newspaper in Grayson County before she transitioned to a managing editor role for three weekly newspapers in Collin County. She joined Community Impact Newspaper in 2017 covering Tarrant County news, and is now back in Collin County as the editor of the McKinney edition.
By Daniel Houston
Daniel Houston covers city government, transportation, business and education for Community Impact Newspaper in Lewisville, Flower Mound and Highland Village. A Fort Worth native and Baylor University graduate, Daniel reported previously for The Associated Press in Oklahoma City and The Dallas Morning News.


MOST RECENT

A Layne's Chicken Fingers restaurant will open in Roanoke in 2021 at the site of the former Dairy Queen on US 377. (Courtesy Layne's Chicken Fingers)
Layne's Chicken Fingers to open in Roanoke; meat, seafood market set for Frisco and more DFW-area news

Read the latest business and community news from the Dallas-Fort Worth area.




Baylor Scott & White Medical Center-McKinney is in the midst of renovations. (Courtesy Baylor Scott & White Medical Center-McKinney)
McKinney hospitals aim to expand campuses, services

Find out what local hospitals plan to offer in 2021.

The new 945 area code will be deployed Jan. 15 for the region that presently uses area codes 214, 469 and 972. (Courtesy Adobe Stock)
Frisco gets new area code; Popeyes to open in McKinney and more top DFW news

Read the top news from the past week from the Dallas-Fort Worth area.

See how COVID-19 is impacting Collin County. (Community Impact staff)
Tracking COVID-19: McKinney adds more than 800 cases in a week

As of Jan. 14, 540 people in Collin County were hospitalized with COVID-19.

Burnt BBQ & Tacos' menu offers several different barbecue and taco options. (Courtesy Burnt BBQ & Tacos)
Burnt BBQ & Tacos opens in Plano and more DFW-area news

Read the latest business and community news from the Dallas-Fort Worth area.

Hard Rock Smoke & Vapor opened Dec. 15 at 5160 Collin McKinney Parkway, McKinney. (Courtesy Adobe Stock)
Hard Rock Smoke & Vapor expands into Texas with McKinney shop

Hard Rock Smoke & Vapor has two additional locations in Illinois in Chicago and Hanover Park.

Filing for McKinney city elections, as of Jan. 13, is now open. The last day to file for a place on the ballot is Feb. 12 by 5 p.m. (Courtesy Adobe Stock)
Filing period now open for 4 McKinney City Council races

Races for four seats on McKinney City Council have officially begun.

The urgent care facility offers treatment for injury/illness that do not require an ER visit. (Courtesy Adobe Stock)
CommunityMed McKinney opens as company's 11th location

CommunityMed McKinney offers an array of COVID-19 test options.

A proposed development would create tracts for a hotel, retail/commercial and a residential community. (Illustrative site plan courtesy city of McKinney)
Rezoning would allow for residences, hotel, restaurant near Medical City McKinney

The proposed development calls for low-density, detached housing, similar to a “more urban single family residential development comprised of a variety of housing sizes and styles,” according to meeting documents.

Texas Comptroller of Public Accounts Glenn Hegar shared a new revenue estimate for the 2022-23 biennium Jan. 11. (Courtesy Texas Comptroller of Public Accounts)
Comptroller projects drop in state revenue, potential for economic uptick for next biennium

Despite the slight reduction in expected revenue for the state's 2022-23 budget, recovery could be on the horizon.

County commissioners sent a joint letter Jan. 12 to Commissioner John Hellerstedt of the Texas Department of State Health Services to request additional doses of the COVID-19 vaccine. State health officials have since committed to send 6,975 doses of the Moderna vaccine to the county next week. (Courtesy Baylor College of Medicine)
Collin County to receive nearly 7,000 doses of COVID-19 vaccine

State health officials have committed to send 6,975 doses of the Moderna vaccine to the county next week.

The Olive Branch, the soon-to-be headquarters of McKinney Little Free Pantry, will open in January at 2000 N. McDonald St., McKinney. (Matt Payne/ Community Impact Newspaper)
The Olive Branch will serve as McKinney Little Free Pantry headquarters

The new facility will serve as the pantry’s storehouse and major donation/distribution center.