PPP Life Raft Will Soon Deflate For Oil Field Service Cos.

By Keith Goldberg (July 7, 2020, 7:56 PM EDT) -- Scores of oil field service companies in Texas and other oil and gas states have stayed afloat with hundreds of millions of dollars worth of Paycheck Protection Program loans from the Small Business Administration, but experts say the prolonged industry slump will eventually sink their financial life rafts.

At least 63 oil field service and equipment supply companies in the Lone Star State received PPP loans of between $5 million and $10 million, according to data released by the federal government Monday. Across the border in Louisiana, at least 20 such companies got PPP loans of between $5 million and $10...

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