77,500 jobs saved in these 3 Houston neighborhoods due to PPP

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Thursday, August 27, 2020
$349B Paycheck Protection Program starts Friday
Businesses with up to 500 employees received up to $10 million in low-interest loans as part of the Paycheck Protection Program.

HOUSTON, Texas -- The Payroll Protection Program helped The Heights, River Oaks and Montrose business owners retain more than 77,500 workers, according to an analysis of loan-level data provided by the U.S. Small Business Administration.

This includes additional loans given during the application extension window that closed Aug. 8.

A total of 6,766 businesses and 169 nonprofits received loans in the area. The majority received less than $150,000, but 10 firms received more than $5 million, such as oil services company Breakwater Energy Partners and restaurant owner Laurenzo's Management Co. Another 117 received $1 million-$5 million.

About one out of every five jobs saved in the Heights-River Oaks-Montrose area were in the professional services industry, which includes lawyers and accountants, according to the SBA data, with almost 15,000 reported jobs saved. The second-biggest share was in accommodation and food services, with nearly 13,000 jobs retained.

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