The Payment Protection Program injected $11.3 million to a total of 372 Del Rio businesses through business loans, data released by the Small Business Administration shows.
The program, intended to provide a direct incentive for small businesses to keep workers on the payroll, forgives loans if all employee retention criteria are met and the funds are used for eligible expenses.
The program, approved by Congress and singed into law by President Donald Trump as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, works with participating federally insured depository institutions, federally insured credit unions, or farm credit system institutions.
The information released by the Small Business Administration provides figures and business categories only (no business names), and lists those receiving loans in the amount of $150,000 or less. It also protects personal information from the businesses such as payroll.
The Payroll Protection Program loans, the agency said, are not made by Small Business Administration, they are made by lending institutions and guaranteed by SBA.
Local businesses benefiting from the program range from livestock producers to construction and plumbing contractors, nonprofits and physician offices, dentist offices, restaurants, beauty salons, and a wide variety of categories.
An analysis of the top 23 categories with five businesses or more shows those receiving the highest dollar amount from the Payment Protection Program are full service restaurants, with $842,152.04 going to 21 businesses employing 267 individuals.
Each one of the categories of offices of dentists, limited service restaurants, and offices of physicians follow, with each receiving $585,865.30, $546,405.85, and $541,611.75 respectively.
Broken down by number of employees, the same categories top the chart with full service restaurants at the top (267), followed by offices of physicians (89), offices of dentists (85) and limited service restaurants (82).
By lender, data released by the Small Business Administration shows the top lender both by number of loans and by dollar amount is The Bank and Trust, lending $4,830,679.17 to 131 Del Rio businesses, followed by Texas Community Bank, which loaned $2,573,100 to 99 local businesses.
Amistad Bank is third in both categories with $1,389,001.17 loaned to 40 local businesses.
The total number of jobs directly benefiting of loans from these three lenders, according to the Small Business Administration, is 848, 592, and 289 respectively.
Fourth in the lender chart by loan amount is BBVA USA with $557,869.5, followed by The First State Bank – $256,500, International Bank of Commerce – $254,300, and Falcon International Bank – $221,529.54.
A total of 28 local individual businesses received loans in the amount of $100,000 or more. These businesses represent a total of 554 jobs.
The single recipient getting the highest loan was a business in the category of restaurants, reporting a total of 37 jobs. The business received a total of $147,931.85.
The data does not include any loans that were canceled.