PPP Loans Benefited Las Vegas Businesses

Las Vegas NV

21 July, 2021

11:57 AM

Description

LAS VEGAS, NV — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Las Vegas. 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 79,176 PPP loans approved in Nevada in 2021 alone, according to the Small Business Administration. The total 2021 amount approved was 2,758,914,488. 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 Las Vegas businesses that benefited from the program according to the SBA. Check here for a full, searchable database. VINTAGE VEGAS GAMING LLC Las Vegas, NV, 89101 Approval amount: $5,068,777 Jobs reported: 396 PLAZA HOTEL & CASINO, LLC Las Vegas, NV, 89101 Approval amount: $4,780,795 Jobs reported: 500 Forgiveness amount: $4,833,148 UNLV MEDICINE Las Vegas, NV, 89102 Approval amount: $4,099,541 Jobs reported: 364 Forgiveness amount: $4,145,091 IKE GAMING INC Las Vegas, NV, 89101 Approval amount: $3,362,200 Jobs reported: 471 Forgiveness amount: $3,397,970 GOLDEN GATE CASINO, LLC Las Vegas, NV, 89101 Approval amount: $2,682,229 Jobs reported: 260 Forgiveness amount: $2,712,553 MOUNTAIN WEST EXCAVATION & UTILITIES L.L.C. Las Vegas, NV, 89102 Approval amount: $2,668,900 Jobs reported: 70 Forgiveness amount: $2,698,554 ANDERSON DAIRY INC. Las Vegas, NV, 89101 Approval amount: $2,065,400 Jobs reported: 117 Forgiveness amount: $2,088,177 MOUNTAIN WEST EXCAVATION & UTILITIES LLC Las Vegas, NV, 89102 Approval amount: $2,000,000 Jobs reported: 101 OFFICIA IMAGING, INC. Las Vegas, NV, 89101 Approval amount: $1,978,500 Jobs reported: 106 Forgiveness amount: $1,997,680 CATHOLIC CHARLES OF SOUTHERN NEVADA Las Vegas, NV, 89101 Approval amount: $1,921,100 Jobs reported: 200 Forgiveness amount: $0 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].