PPP Loans Benefited Reno Businesses

Reno NV

21 July, 2021

10:16 AM

Description

RENO, NV — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Reno. 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 Reno businesses that benefited from the program according to the SBA. Check here for a full, searchable database. REGIONAL AMBULANCE SERVICES, INC. Reno, NV, 89502 Approval amount: $4,668,000 Jobs reported: 341 Forgiveness amount: $4,720,819 DOLAN ENTERPRISES, INC., DBA DOLAN TOYOTA Reno, NV, 89502 Approval amount: $3,675,100 Jobs reported: 312 Forgiveness amount: $3,717,874 COMMUNITY HEALTH ALLIANCE Reno, NV, 89502 Approval amount: $2,988,867 Jobs reported: 238 CALIFORNIA SIERRA EXPRESS INC Reno, NV, 89502 Approval amount: $2,604,400 Jobs reported: 240 Forgiveness amount: $2,634,083 JESR, LLC Reno, NV, 89501 Approval amount: $2,435,578 Jobs reported: 420 Forgiveness amount: $2,463,519 BCH GAMING RENO , LLC. Verdi, NV, 89439 Approval amount: $2,148,200 Jobs reported: 387 Forgiveness amount: $2,172,154 EMERALD CASCADE RESTAURANT SYSTEMS INC. Reno, NV, 89502 Approval amount: $2,137,600 Jobs reported: 500 Forgiveness amount: $2,162,598 CALIFORNIA SIERRA EXPRESS INC Reno, NV, 89502 Approval amount: $2,000,000 Jobs reported: 210 HERB HALLMAN CHEVROLET INC Reno, NV, 89502 Approval amount: $1,937,200 Jobs reported: 136 Forgiveness amount: $1,954,555 MT. ROSE HEATING AND AIR CONDITIONING, INC. Reno, NV, 89502 Approval amount: $1,873,221 Jobs reported: 89 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].