Which Phoenix Businesses Got PPP Loans

Phoenix AZ

21 July, 2021

11:58 AM

Description

PHOENIX, AZ — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Phoenix. 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 89,715 PPP loans approved in Arizona in 2021 alone, according to the Small Business Administration. The total 2021 amount approved was 3,871,793,005. 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 Phoenix businesses that benefited from the program according to the SBA. Check here for a full, searchable database. LEWIS ROCA ROTHGERBER CHRISTIE LLP Phoenix, AZ, 85004 Approval amount: $8,581,200 Jobs reported: 418 Forgiveness amount: $8,675,241 MKB CONSTRUCTION, INC Phoenix, AZ, 85004 Approval amount: $4,350,000 Jobs reported: 200 Q POINT HEALTH, LLC Phoenix, AZ, 85004 Approval amount: $4,205,500 Jobs reported: 208 Forgiveness amount: $4,255,849 SOUTHWEST NETWORK Phoenix, AZ, 85004 Approval amount: $3,995,000 Jobs reported: 373 Forgiveness amount: $4,039,167 INTEGRATE.COM INC Phoenix, AZ, 85003 Approval amount: $3,698,377 Jobs reported: 193 Forgiveness amount: $3,742,141 JONES, SKELTON & HOCHULI, P.L.C. Phoenix, AZ, 85004 Approval amount: $3,607,750 Jobs reported: 193 Forgiveness amount: $3,647,880 FITNESS ALLIANCE, LLC Phoenix, AZ, 85004 Approval amount: $3,478,411 Jobs reported: 500 Forgiveness amount: $3,516,054 VALLEY OF THE SUN YOUNG MEN'S CHRISTIAN ASSOCIATION Phoenix, AZ, 85003 Approval amount: $3,142,200 Jobs reported: 363 SOLERA HEALTH, INC. Phoenix, AZ, 85003 Approval amount: $3,080,639 Jobs reported: 113 JENNINGS STROUSS & SALMON, PLC Phoenix, AZ, 85004 Approval amount: $3,025,100 Jobs reported: 161 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].