PPP Loans Benefited Hermosa Beach Businesses

Hermosa Beach CA

21 July, 2021

9:54 AM

Description

HERMOSA BEACH, CA — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Hermosa Beach. 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 Hermosa Beach businesses that benefited from the program according to the SBA. Check here for a full, searchable database. NEWMAN HOSPITALITY INCORPORATED Hermosa Beach, CA, 90254 Approval amount: $2,481,555 Jobs reported: 495 Forgiveness amount: $2,510,178 NEWMAN HOSPITALITY INCORPORATED Hermosa Beach, CA, 90254 Approval amount: $2,000,000 Jobs reported: 495 ORTEGA NATIONAL PARKS LLC Hermosa Beach, CA, 90254 Approval amount: $2,000,000 Jobs reported: 500 BEHAVIOR AND EDUCATION INC. Hermosa Beach, CA, 90254 Approval amount: $1,718,395 Jobs reported: 170 ENTERPRISE VISION TECHNOLOGIES INC Hermosa Beach, CA, 90254 Approval amount: $1,404,117 Jobs reported: 67 ENTERPRISE VISION TECHNOLOGIES INC Hermosa Beach, CA, 90254 Approval amount: $1,362,436 Jobs reported: 71 Forgiveness amount: $1,372,552 COAST MEDICAL SERVICE INC. Hermosa Beach, CA, 90254 Approval amount: $1,179,600 Jobs reported: 185 SIMON LAW GROUP LLP Hermosa Beach, CA, 90254 Approval amount: $984,930 Jobs reported: 56 SANDLER PARTNERS, LLC Hermosa Beach, CA, 90254 Approval amount: $956,800 Jobs reported: 62 Forgiveness amount: $965,818 SIMON LAW GROUP LLP Hermosa Beach, CA, 90254 Approval amount: $935,375 Jobs reported: 62 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].