Thousands of Cy-Fair businesses were able to continue operating through the coronavirus pandemic due to the Paycheck Protection Program. (Courtesy Pexels)
Paycheck Protection Program data released by the U.S. Small Business Administration in early July shows more than 6,700 organizations in the Cy-Fair area received loans from early April to late June, which saved nearly 87,500 jobs. By comparison, at least 47,000 local residents have filed for unemployment insurance benefits through the Texas Workforce Commission since mid-March.
About 86% of loans distributed locally were valued at less than $150,000, averaging $33,000 each. While business names in this category were withheld, those that received more the $150,000 were disclosed publicly. Top recipients in Cy-Fair included Kilgore Industries, Noram Drilling Co., Clearwater Utilities, Pappas Restaurants and Luby’s—all reportedly receiving between $5 million-$10 million.
Professional, scientific and technical services; health care and social assistance; construction; accommodation and food services; and retail trade were the top five industries in which local businesses received federal assistance, according to SBA data. The chart below depicts how many jobs were retained in each sector.
Nearly 500 businesses in the accommodation and food service category received loans in Cy-Fair, collectively retaining more than 10,000 local jobs, including 38 at Locatelli’s; 101 at Local Table; 59 at Del Pueblo Mexican Restaurant; 27 at French Quarter Cajun Seafood; 65 at Floyd’s Seafood; and 44 at Ambriza Cypress.
Dozens of area churches, private schools and nonprofits also received assistance from the program, with top recipients including large organizations such as Cypress Christian School, Reach Unlimited and Foundry United Methodist Church.
Hover over each segment below to see how many Cy-Fair organizations received federal loans in each funding range.
Danica joined Community Impact Newspaper as a reporter in 2016. As editor, she continues to cover local government, education, health care, real estate, development, business and transportation in Cy-Fair. Her experience prior to CI includes studying at the Washington Journalism Center and interning at a startup incubator in D.C., serving as editor-in-chief of Union University's student magazine and online newspaper, reporting for The Jackson Sun and freelancing for other publications in Arkansas and Tennessee.