These Fort Worth-area companies saved more than 200,000 jobs with coronavirus loans
At least 4,000 companies in Tarrant County received federal loans of $150,000 or more to help stay afloat throughout the pandemic, with about 500 of those companies receiving over $1 million.
The Trump Administration released data Monday on companies that received loans through the U.S. Treasury Department’s Paycheck Protection Program, offering a glimpse into how many Tarrant County businesses have benefited from federal assistance.
For Tarrant County companies, at least 204,350 jobs were estimated to be retained due to the loans — although not all companies listed that data. Besides payroll, companies and nonprofits could use a portion of the loan for rent, utilities and other expenses.
The companies span a wide swath of industries, from nonprofits like Catholic Charities Diocese of Fort Worth, to popular restaurants, like Joe T. Garcia’s Mexican Restaurant, to law firms like Kelly Hart & Hallman, and dozens of private schools and churches. Catholic Charities, Kelly Hart & Hallman and Joe T. Garcia’s all received loans between $2 to $5 million.
Other notable recipients include Billy Bob’s Texas, the Colonial Country Club, Kimbell Art Foundation, The Fort Worth Club, Boys & Girls Clubs of Greater Tarrant County, Fort Worth Symphony Orchestra Association and the Tarrant Area Food Bank which all received loans between $1 to $2 million.
Roughly 30 companies received loans between $5 to $10 million — the largest tier. It included notable businesses like Whitley Penn, the accounting firm co-founded in 1983 by Tarrant County Judge Glen Whitley, and Classic Chevrolet located in Grapevine, which touts itself as the “largest Chevy dealer in America,” according to its website. Whitley Penn listed that the loan would help retain 486 jobs, and Judge Whitley left the firm in 2015. Cotton Patch Cafe, the Texas restaurant chain, also received $5 to $10 million.
Trinity Broadcasting of Texas, a nonprofit associated with the Trinity Broadcast Network, received $2 to $5 million and retained 335 employees.
When the pandemic hit, “it was such a shock to everyone’s system,” said Jody Lancarte, who has served as Joe T. Garcia’s director of special events, and is the wife of president and CEO Lanny Lancarte. “Everything that we had booked for a year was gone.”
Lancarte said that the PPP loan was critical to the restaurant being able to keep its staff, some of whom have been with the restaurant for decades.
“Once we got the loan in, we were able to bring more people back, more clean-up people back and have them in double shifts, and try to get back up and running again,” Lancarte said. “We didn’t let anyone go.”
The Star-Telegram attempted to reach other businesses but did not immediately receive responses.
Many companies did not provide demographic data, despite having the option to. In Tarrant County, more than 900 companies approved for loans were male-owned, about 200 were female-owned and more than 2,900 did not provide that data.
More than 3,500 companies did not provide data on race or ethnicity. Of those that did, about 427 listed “White,” 47 listed “Asian,” 43 listed “Hispanic,” 10 listed “Black or African American,” and just three listed “American Indian or Alaska Native.”
Similarly, roughly 60 companies said they were owned by a veteran, over 770 said they were not, while over 3,100 did not answer.
The Paycheck Protection Program launched on April 3, and loans can be fully forgiven if certain requirements are met, like using a majority toward payroll. Through June 30, roughly $521.5 billion had been approved.
Across the U.S., the overall average loan size was approximately $107,000, and 86.5% of all loans were for less than $150,000, according to a report from the U.S. Treasury Department.
However, the identities of the companies that received $150,000 or less are still unknown, as the U.S. Small Business Administration, the agency administering the program, did not release addresses or names for those recipients.
The original $350 billion pot ran dry within two weeks before Congress refilled it with another $310 billion.
The program was slated to end on June 30 with about $130 billion still available. But Congress passed an extension allowing small businesses to continue to apply for assistance through Aug. 8, which President Donald Trump signed off on Saturday.
These loans do not include more than $10 million the city of Fort Worth provided to small businesses and nonprofit organizations. The city first established a Business Resiliency Microloan Program with PeopleFund in mid-April with a little under $2 million. In May the city allotted $10 million for small business grants from Fort Worth’s portion of the stimulus act. Receiving a federal loan did not preclude businesses from applying for the city’s program.
This story was originally published July 6, 2020 at 6:50 PM.
