PPP Loans Benefited Anchorage Businesses

Anchorage AK

21 July, 2021

10:22 AM

Description

ANCHORAGE, AK — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Anchorage. The Paycheck Protection Program started in April 2020 as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES), and was extended until May 31, 2021. There were 11,911 PPP loans approved in Alaska in 2021 alone, according to the Small Business Administration. The total 2021 amount approved was $746,342,883. Loan applications were processed through banks and other traditional lenders, with the SBA backing the resulting loans. Around $800 billion in loans were approved nationwide under the program. The loans are forgivable if borrowers meet certain criteria, including spending at least 60 percent of the money on payroll costs and maintaining employee compensation levels. Below are some Anchorage businesses that benefited from the program according to the SBA. Check here for a full, searchable database. KAKIVIK ASSET MANAGEMENT, LLC Anchorage, AK, 99503 Approval amount: $9,538,531 Jobs reported: 385 Forgiveness amount: $9,615,885 CORVUS AIRLINES INC Anchorage, AK, 99502 Approval amount: $7,398,948 Jobs reported: 500 TYONEK GLOBAL SERVICES, LLC Anchorage, AK, 99501 Approval amount: $6,422,316 Jobs reported: 478 TYONEK WORLDWIDE SERVICES, INC. Anchorage, AK, 99501 Approval amount: $6,412,487 Jobs reported: 42 COPPER RIVER SEAFOODS, INC. Anchorage, AK, 99501 Approval amount: $6,382,400 Jobs reported: 303 I. C. E. SERVICES, INC Anchorage, AK, 99503 Approval amount: $5,682,490 Jobs reported: 367 TATITLEK TECHNOLOGIES, INC. Anchorage, AK, 99503 Approval amount: $5,157,628 Jobs reported: 361 NORTHERN ENERGY SERVICES, LLC Anchorage, AK, 99502 Approval amount: $5,095,098 Jobs reported: 298 YULISTA TACTICAL, LLC Anchorage, AK, 99503 Approval amount: $5,015,465 Jobs reported: 220 AHTNA SUPPORT AND TRAINING SERVICES LLC Anchorage, AK, 99503 Approval amount: $4,986,465 Jobs reported: 484 Nationally, the accommodation/food service industry received the largest share of loans in 2021, with 15 percent of the total. Around 87 percent of the loans approved in 2021 were for $50,000 or less, and they accounted for a third of the total approved amount. The average loan size was $42,000. The program wasn't without controversy. Banks tended to prioritize large, established businesses, according to a New York Times analysis. Congress raised fees for small loans in December to encourage lenders to make small business loans, and rules were changed in February to allow unprofitable solo businesses to qualify. Several large companies drew public ire after it was revealed that they took PPP loans instead of relying on traditional capital-raising activities. The outcry prompted the SBA to review all loan applications over $2 million and issue guidance that the program was intended for businesses that lacked access to other cash-raising methods. Editor's note: This list was automatically generated using data from the SBA for approved loans of $150,000 or more, although some loans ultimately were not made. Business owners can contact the SBA if information about a loan isn't correct. SBA data occasionally contains duplicate entries. Other feedback can be sent to [email protected].