Midland ranked sixth amongst small metropolis companies nationwide that took loans from the Fee Safety Program, a federal initiative that allowed corporations with fewer than 500 staff to use for forgivable loans, in keeping with a brand new research by Smartest Greenback.
The onset of the COVID-19 pandemic strained many small, native companies. The PPP fund was supposed to assist companies preserve their doorways open by retaining staff and boosting native economies.
In response to the research, Midland companies obtained roughly $800.7 million in whole PPP funds – $6,099 per capita, 95.5% of which was forgiven.
Midland was the lone Texas metropolis to rank within the high 15 of smaller cities throughout the nation.
The Midland trade sectors that obtained essentially the most PPP funds had been mining, quarrying and oil and gasoline extraction. Midland’s median PPP mortgage quantity was $20,833, the research reveals.
Small metropolis rankings
West Palm Seaside, Florida, $9,488
Boulder, Colorado, $7,034
Dayton, Ohio, $6,424
Costa Mesa, California, $6,389
Lafayette, Louisiana, $6,113
Midland $6,099
Supply: https://smartestdollar.com/