The PPP was enacted as part of the federal Coronavirus Aid, Relief and Economic Security Act in April.
Scores of businesses in Richardson received loans of at least $1 million, according to data from the U.S. Small Business Administration. Most Richardson businesses that got loans, however, received amounts of $50,000 or less, the data shows. A majority of these federal stimulus loans in Richardson went to businesses in the industries of professional, scientific, and technical services; health care and social assistance; and accommodation and food services. 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 Richardson loan recipients 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, Richardson businesses that received loans reported more than 44,000 jobs retained in their loan paperwork.
Here is how the number of loan recipients breaks down in Richardson’s three major ZIP codes. Editor's note: Community Impact Newspaper, headquartered in Pflugerville, and Community Impact Printing were recipients of PPP funding.
