ANNOUNCEMENT 26 May 2020

In May 2020, the limited liability company Culberson Construction, LLC received a Paycheck Protection Programme (PPP) loan worth USD 10 million.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

U.S. Small Business Administration. Office of Capital Access. PPP FOIA. Data and Resources.
https://data.sba.gov/dataset/ppp-foia

U.S. Small Business Administration. Programmes. First Draw PPP Loan.
https://www.sba.gov/funding-programs/loans/covid-19-relief-options/paycheck-protection-program/first-draw-ppp-loan

Inception date: 26 May 2020 | Removal date: 24 Jun 2020

State loan

On 26 May 2020, the U.S. Small Business Administration granted a Payment Protection Programme (PPP) loan worth USD 10 million to Culberson Construction, LLC, a limited liability company located in Granbury, TX with a term of 24 months. According to the North American Industry Classification System, the company operates in the field of Oil and Gas Pipeline and Related Structures Construction.

The PPP is a programme introduced by the US federal government in response to the Covid-19 pandemic to provide liquidity of up to USD 10 million for affected businesses and help them keep their workforce. In this regard, the federal government provides unsecured loans of up to USD 10 million with terms ranging between 24 and 60 months. The scheme was open until 31 May 2021 and distributed 11.8 million loans worth USD 800 billion.

A state act in the GTA database is assessed solely in terms of the extent to which its implementation affects foreign commercial interests. On this metric, the loan granted here is discriminatory.

Update:

The loan was forgiven on 24 June 2020. Hence, this intervention is no longer classified as implemented.

Since the original PPP loan was forgiven, it is recorded in the Global Trade Alert database as a financial grant.

AFFECTED SECTORS

 
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AFFECTED PRODUCTS

 
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