HOUSTON — The Trump administration said Congress is close to making a deal to provide more aid for small businesses.
It took less than two weeks for the Small Business Administration to run out of $350 billion set aside for the Paycheck Protection Program.
Where did the money go?
According to data released by the SBA, businesses in Texas got more PPP loans than any other state. They were approved for just over $28 billion.
The data was also broken down by industry.
Construction businesses took the biggest piece of the pie, getting $45 billion in PPP funds nationwide.
Businesses that offer professional, scientific or technical services were approved for $43 billion.
The low-interest loans were supposed to go to companies with 500 employees or less, but an exception was made for hotels and restaurants, which got $30 billion in assistance.
Several big chains took advantage, including Ruth’s Chris Steak Houses, Potbelly and Kura Sushi.
Because the money ran out before many independent restaurants got a dime, Shake Shack announced it obtained new funding and is returning the $10 million government loan the chain received.
The company’s CEO released a letter saying, “until every restaurant that needs it has had the same opportunity to receive assistance, we’re returning ours.”
Small business owners who haven’t gotten help yet still have options.
Last week, Gov. Greg Abbott announced Goldman Sachs and LiftFund are providing $50 million in loans just for businesses in Texas.
Click here to apply for a small business loan.
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