PPP Loans Benefited Lake Oswego Businesses

Lake Oswego OR

21 July, 2021

11:59 AM

Description

LAKE OSWEGO, OR — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Lake Oswego. 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 51,276 PPP loans approved in Oregon in 2021 alone, according to the Small Business Administration. The total 2021 amount approved was 3,050,876,119. 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 Lake Oswego businesses that benefited from the program according to the SBA. Check here for a full, searchable database. ACME CONSTRUCTION SUPPLY CO., INC. Lake Oswego, OR, 97035 Approval amount: $5,734,298 Jobs reported: 367 ANTHEM MEMORY CARE LLC Lake Oswego, OR, 97035 Approval amount: $4,361,042 Jobs reported: 500 MARY'S WOODS AT MARYLHURST, INC. Lake Oswego, OR, 97034 Approval amount: $3,278,085 Jobs reported: 368 Forgiveness amount: $3,314,508 PENCE/KELLY CONSTRUCTION, LLC Lake Oswego, OR, 97035 Approval amount: $2,780,877 Jobs reported: 182 Forgiveness amount: $2,813,638 PACIFIC RESIDENTIAL MORTGAGE, LLC Lake Oswego, OR, 97035 Approval amount: $2,411,620 Jobs reported: 187 BILLUPS INC. Lake Oswego, OR, 97034 Approval amount: $2,277,792 Jobs reported: 112 LA PROVENCE WHOLESALE,LLC Lake Oswego, OR, 97035 Approval amount: $2,232,568 Jobs reported: 342 Forgiveness amount: $2,257,768 LCG PENCE, LLC Lake Oswego, OR, 97035 Approval amount: $2,139,800 Jobs reported: 122 BILLUPS INC. Lake Oswego, OR, 97034 Approval amount: $2,000,000 Jobs reported: 105 HALLMARK INNS & RESORTS INC Lake Oswego, OR, 97035 Approval amount: $2,000,000 Jobs reported: 174 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].