Congresswoman Escobar Announces More Than $ 490 Million In SBA Loans To El Paso Small Businesses
Today, Congresswoman Veronica Escobar (TX-16) announced that the El Paso District Office of the US Small Business Administration (SBA) has approved more than 9,799 loans totaling $ 490,047,441 in funding to small local businesses since the start of the COVID-19 pandemic.
Thanks to these loans, countless small business owners have been able to keep their businesses open and create more 650 new jobs for the community.
Small businesses have been hit hard over the past two years. In 2020, companies with less than 500 employees reported a record net job loss compared to large companies – although they also benefited from programs such as the Paycheck Protection Program (PPP), with 96% of loans going to companies with less than 20 employees.
While many loans have been launched by Congress under the bipartisan CARES law, which MP Escobar voted for in March 2020, this aid would not have been possible without the American Rescue Plan Act. Adopted by MP Escobar and her fellow Democrats and promulgated by President Joe Biden in March 2021, the American Rescue Plan Act provided an additional $ 7.25 billion for the PPP and $ 15 billion for the advance payments of targeted economic disaster loans (EIDL).
âSmall businesses in El Paso are the backbone of our local economy and thanks to the American rescue plan, Congress has enabled the SBA to elevate our community’s beloved mom-and-pop businesses, â Deputy Escobar. âI am proud of the work the SBA El Paso district office has done to provide a record number of loans while increasing to meet the huge demand for economic assistance related to COVID-19. I look forward to continuing to work together to rebuild El Paso’s small business economy and ensure that everyone is included in our economic recovery.
Total loans for FY2021 approved by the SBA El Paso district office, which covers 10 counties, including El Paso County and the West Texas counties of Brewster, Culberson, Hudspeth, Jeff Davis, Loving, Pecos, Presidio, Reeves and Terrell, are:
- Total guaranteed loans: 104 loans approved for $ 39,095,283
- PPP loans: 9,427 loans approved for $ 396,079,597
- EIDL loans: 259 loans for $ 64,322,561
- 504 Loans: 9 loans for $ 8,775,000
For more information, Click here | For our full coverage, click here