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(Never Settle Media/Shutterstock)
The Paycheck Protection Program benefited thousands of businesses in Austin.
A total of 420 Austin businesses—including Alamo Drafthouse, Uchi and Wheatsville Co-op—received more than $1 million in loans from the federal Paycheck Protection Program, data released Monday shows.
The program, run by the U.S. Small Business Administration, was set up to help small businesses through the pandemic shutdown.
The loan amounts received ranged from $150,000 to $10 million. The SBA did not release the exact amounts, instead limiting the data to dollar ranges out of a concern for the businesses' privacy rights. They also did not release complete data for businesses that received loans less than $150,000, opting only to show their zip code, industry and business type.
Here is a list of Austin businesses that received over $1 million from the PPP:
A Sample of Austin Businesses that received loans over $1 million
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Elon Musk joined Tesla's second quarter earnings call from the Giga Texas site in Southeast Travis County on Monday. (Bob Daemmrich)
The electric carmaker reported more than $1 billion in quarterly net income and the production of more than 200,000 vehicles for the first time despite challenges such as a global semiconductor shortage.
"It … seems that public sentiment towards electric vehicles is at an inflection point, and at this point, I think, almost everyone agrees electric vehicles are the only way forward," Musk said.
Despite rising consumer demand and adequate factory capacity, Tesla faces what Musk described as a "quite serious" global semiconductor shortage, which will determine the company's growth rate for the rest of the year.
With increased revenue and production, Tesla is investing in new factories, Chief Financial Officer Zachary Kirkhorn said. These include Giga Texas, the $1.1 billion manufacturing plant that broke ground last summer and is slated to open later this year.
The Giga Texas factory in Southeast Travis County has rapidly increased in size since ground broke last August. (Tesla)
Musk commended the construction team for "incredible progress," transforming what was basically a vacant site into "a mostly complete large factory a year later."
Giga Texas will produce the highly anticipated Cybertruck, along with other models, but Musk said scaling its production will be difficult, especially given the supply chain delays caused by the pandemic. "It's going to move as fast as the slowest of its up to 10,000 unique parts," he said.
In other news, Musk said Monday's earnings call would likely be his last regular appearance, only jumping on future quarterly calls when big announcements warrant it.
Tesla Solar recently made news when it announced plans to build the nation's most sustainable residential community in Southeast Austin earlier this month. The newly built homes will feature Tesla solar roof tiles and Powerwall battery storage as well as electric vehicle charging stations.
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