PPP Loans Benefited Carlsbad Businesses

Carlsbad CA

21 July, 2021

10:02 AM

Description

CARLSBAD, CA — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Carlsbad. 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 692,692 PPP loans approved in California in 2021 alone, according to the Small Business Administration. The total 2021 amount approved was $35,907,059,637. 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 Carlsbad businesses that benefited from the program according to the SBA. Check here for a full, searchable database. RUBIO'S RESTAURANTS, INC. Carlsbad, CA, 92008 Approval amount: $10,000,000 Jobs reported: 500 Forgiveness amount: $10,115,342 ISLANDS RESTAURANTS, L.P. Carlsbad, CA, 92008 Approval amount: $10,000,000 Jobs reported: 500 SEASPINE HOLDINGS CORPORATION Carlsbad, CA, 92008 Approval amount: $6,173,100 Jobs reported: 391 Forgiveness amount: $6,242,949 TWO JINN, INC. Carlsbad, CA, 92011 Approval amount: $5,131,800 Jobs reported: 392 Forgiveness amount: $5,191,835 OCEANSIDE AUTO COUNTRY, INC. Carlsbad, CA, 92009 Approval amount: $4,580,588 Jobs reported: 351 HOEHN MOTORS INC. Carlsbad, CA, 92008 Approval amount: $4,390,700 Jobs reported: 284 Forgiveness amount: $4,438,817 HM ELECTRONICS INC Carlsbad, CA, 92010 Approval amount: $4,328,729 Jobs reported: 308 Forgiveness amount: $4,375,218 ALPHATEC SPINE INC Carlsbad, CA, 92008 Approval amount: $4,270,693 Jobs reported: 234 Forgiveness amount: $4,322,179 PROVIDENCE SEMINARS INC Carlsbad, CA, 92011 Approval amount: $4,043,300 Jobs reported: 222 Forgiveness amount: $4,089,383 HALO MOTOR COMPANY Carlsbad, CA, 92009 Approval amount: $3,253,548 Jobs reported: 244 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].