web analytics

COVID-19: Construction Industry Secured Largest Portion of PPP Loans

Texas Businesses Received 2nd Largest Tranche From SBA’s Payment Protection Program

Posted: 4-21-2020

by Adolfo Pesquera

The construction industry received the largest portion of Paycheck Protection Program loans by the time the Small Business Administration program ran out of funds.

Nationwide, the businesses in the construction industry received more than $44.9 billion, as of April 16 when the emergency economic stabilization program funds were exhausted.

The U.S. Congress is currently in the process of replenishing the fund. When the funds were depleted, the SBA announced it could not accept new applications, nor could it enroll new PPP lenders.

The construction industry received 177,905 loans during the 13 days that the SBA program was solvent. In dollars, this represents 13.12 percent of the $349 billion originally allocated.

Texas-based applicants for PPP loans received the second largest portion, after California.

However, the SBA’s Paycheck Protection Program Report of April 16 did not break down by state the dollar amount or percentage of loans that went to the construction industry.

Texas businesses, in total, received almost $28.5 billion from 134,737 loans.

Source: U.S. Small Business Administration


adolfo@virtualbx.com

Related Images

Industry News
By |2020-04-22T11:42:14-06:00April 21st, 2020|Feature Story, Industry News|

About the Author:

Adolfo Pesquera (Reporter/Editor) is a veteran news journalist. He has worked for Hearst Corp., American Lawyer Media, News Corp and Freedom Communications. His work has been published in newspapers and magazines across the USA. He is a journalism graduate of UT-RGV. He writes, edits and creates digital pages for VBX.

Leave A Comment