PPP Loans Benefited Fort Smith Businesses

Fort Smith AR

21 July, 2021

10:15 AM

Description

FORT SMITH, AR — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Fort Smith. 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 61,701 PPP loans approved in Arkansas in 2021 alone, according to the Small Business Administration. The total 2021 amount approved was $1,745,660,603. 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 Fort Smith businesses that benefited from the program according to the SBA. Check here for a full, searchable database. ARKANSAS FOUNDATION FOR MEDICAL CARE, INC. Fort Smith, AR, 72903 Approval amount: $3,630,230 Jobs reported: 255 WELDON, WILLIAMS & LICK INC Fort Smith, AR, 72901 Approval amount: $3,573,700 Jobs reported: 248 Forgiveness amount: $3,615,989 TRINITY PROPERTY MANAGEMENT, LLC Fort Smith, AR, 72903 Approval amount: $3,307,400 Jobs reported: 392 Forgiveness amount: $3,345,711 WESTERN ARKANSAS COUNSELLING AND GUIDANCE CENTER, INCORPORAT Fort Smith, AR, 72903 Approval amount: $2,318,178 Jobs reported: 297 TRI-STATE ENTERPRISES INC Fort Smith, AR, 72902 Approval amount: $2,188,800 Jobs reported: 231 Forgiveness amount: $2,214,701 WELDON WILLIAMS & LICK INC. Fort Smith, AR, 72901 Approval amount: $2,000,000 Jobs reported: 129 REPUBLIC HOLDING INC Fort Smith, AR, 72901 Approval amount: $1,688,641 Jobs reported: 74 Forgiveness amount: $1,696,052 FORSGREN, INCORPORATED Fort Smith, AR, 72904 Approval amount: $1,575,200 Jobs reported: 229 Forgiveness amount: $1,584,522 REPUBLIC HOLDING, INC. Fort Smith, AR, 72901 Approval amount: $1,556,600 Jobs reported: 73 Forgiveness amount: $1,556,223 C & C MARKET RESEARCH, INC. Fort Smith, AR, 72903 Approval amount: $1,507,600 Jobs reported: 182 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].