PPP Loans Benefited Wilsonville Businesses

Wilsonville OR

21 July, 2021

11:59 AM

Description

WILSONVILLE, OR — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Wilsonville. 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 Wilsonville businesses that benefited from the program according to the SBA. Check here for a full, searchable database. COLLINS PINE COMPANY Wilsonville, OR, 97070 Approval amount: $5,442,958 Jobs reported: 331 DWFRITZ AUTOMATION, INC. Wilsonville, OR, 97070 Approval amount: $5,297,300 Jobs reported: 210 Forgiveness amount: $5,358,255 COLLINS PRODUCTS, LLC Wilsonville, OR, 97070 Approval amount: $3,770,718 Jobs reported: 242 Forgiveness amount: $3,806,958 PRECISION COUNTERTOPS INC. Wilsonville, OR, 97070 Approval amount: $3,186,800 Jobs reported: 269 Forgiveness amount: $3,223,470 LARUSSO CONCRETE, INC. Wilsonville, OR, 97070 Approval amount: $3,085,000 Jobs reported: 400 MITCHELL, LEWIS & STAVER CO. Wilsonville, OR, 97070 Approval amount: $2,960,134 Jobs reported: 155 SSI SHREDDING SYSTEMS, INC. Wilsonville, OR, 97070 Approval amount: $2,705,295 Jobs reported: 169 Forgiveness amount: $2,736,256 GREENTREE CONSULTING INC. Wilsonville, OR, 97070 Approval amount: $2,472,300 Jobs reported: 433 Forgiveness amount: $2,500,003 BEDMART INC Wilsonville, OR, 97070 Approval amount: $2,235,000 Jobs reported: 165 Forgiveness amount: $2,260,412 HYDRO-TEMP MECHANICAL, INC. Wilsonville, OR, 97070 Approval amount: $2,228,475 Jobs reported: 91 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].