PPP Loans Benefited Long Beach Businesses

Long Beach CA

21 July, 2021

11:57 AM

Description

LONG BEACH, CA — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Long 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 Long Beach businesses that benefited from the program according to the SBA. Check here for a full, searchable database. DENDREON PHARMACEUTICALS LLC Seal Beach, CA, 90740 Approval amount: $10,000,000 Jobs reported: 500 HOF'S HUT RESTAURANT, INC. Signal Hill, CA, 90755 Approval amount: $10,000,000 Jobs reported: 500 MAGTEK, INC. Seal Beach, CA, 90740 Approval amount: $3,000,000 Jobs reported: 231 Forgiveness amount: $3,032,667 BARD ASSOCIATES, LLC Signal Hill, CA, 90755 Approval amount: $2,330,637 Jobs reported: 333 SIGNAL HILL PETROLEUM, INC Signal Hill, CA, 90755 Approval amount: $2,240,000 Jobs reported: 113 LIFTECH ELEVATOR SERVICES, INC. Signal Hill, CA, 90755 Approval amount: $2,209,072 Jobs reported: 81 ALLIED REFRIGERATION INC. Signal Hill, CA, 90755 Approval amount: $2,013,280 Jobs reported: 129 Forgiveness amount: $2,035,785 LONG BEACH EUROCARS, LLC Signal Hill, CA, 90755 Approval amount: $2,002,600 Jobs reported: 122 HOF'S HUT RESTAURANTS INC. Signal Hill, CA, 90755 Approval amount: $2,000,000 Jobs reported: 61 BARD ASSOCIATES LLC Signal Hill, CA, 90755 Approval amount: $2,000,000 Jobs reported: 66 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].