Which Tempe Businesses Got PPP Loans

Tempe AZ

21 July, 2021

10:14 AM

Description

TEMPE, AZ — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Tempe. 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 Tempe businesses that benefited from the program according to the SBA. Check here for a full, searchable database. ON Q FINANCIAL, INC. Tempe, AZ, 85281 Approval amount: $10,000,000 Jobs reported: 481 SDB, INC. Tempe, AZ, 85281 Approval amount: $6,634,400 Jobs reported: 250 DEK INDUSTRIAL SERVICES Tempe, AZ, 85281 Approval amount: $4,715,000 Jobs reported: 330 Forgiveness amount: $4,763,700 D. P. ELECTRIC, INC. Tempe, AZ, 85282 Approval amount: $4,327,023 Jobs reported: 297 Forgiveness amount: $4,379,067 UNITED DAIRYMEN OF ARIZONA Tempe, AZ, 85282 Approval amount: $4,245,700 Jobs reported: 312 RCC HOLDINGS LLC Tempe, AZ, 85282 Approval amount: $4,222,225 Jobs reported: 299 PROFESSIONAL SEARCH ASSOCIATES, L.C. Tempe, AZ, 85282 Approval amount: $3,778,600 Jobs reported: 477 Forgiveness amount: $3,822,183 TWENTY-FIRST CENTURY HEALTHCARE, INC. Tempe, AZ, 85282 Approval amount: $3,767,500 Jobs reported: 441 Forgiveness amount: $3,813,233 AAM, LLC Temple, AZ, 85282 Approval amount: $3,409,909 Jobs reported: 316 Forgiveness amount: $3,448,460 CRISIS PREPARATION AND RECOVERY, INC. Tempe, AZ, 85282 Approval amount: $3,209,240 Jobs reported: 282 Forgiveness amount: $0 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].