Which Pasadena Businesses Got PPP Loans

Pasadena CA

21 July, 2021

11:59 AM

Description

PASADENA, CA — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Pasadena. 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 Pasadena businesses that benefited from the program according to the SBA. Check here for a full, searchable database. HATHAWAY-SYCAMORES CHILD AND FAMILY SERVICES Pasadena, CA, 91103 Approval amount: $7,473,028 Jobs reported: 500 Forgiveness amount: $2,842,620 OPENX TECHNOLOGIES, INC Pasadena, CA, 91101 Approval amount: $5,830,800 Jobs reported: 204 FIVE ACRES Altadena, CA, 91001 Approval amount: $5,394,077 Jobs reported: 360 AYZENBERG GROUP, INC., A CALIFORNIA CORP Pasadena, CA, 91103 Approval amount: $4,372,485 Jobs reported: 199 ROCKLEY PHOTONICS, INC. Pasadena, CA, 91101 Approval amount: $2,859,824 Jobs reported: 114 Forgiveness amount: $2,892,712 LAWRY'S RESTAURANTS, INC. Pasadena, CA, 91101 Approval amount: $2,810,600 Jobs reported: 309 Forgiveness amount: $2,841,863 COMMUNITY HEALTH ALLIANCE OF PASADENA Pasadena, CA, 91103 Approval amount: $2,338,800 Jobs reported: 165 AIR CONDITIONING SOLUTIONS, INC Altadena, CA, 91001 Approval amount: $2,201,892 Jobs reported: 101 ALGOS INC A MEDICAL CORPORATION Pasadena, CA, 91103 Approval amount: $2,113,300 Jobs reported: 183 Forgiveness amount: $2,137,502 GOLDSTAR EVENTS, INC. Pasadena, CA, 91101 Approval amount: $2,105,000 Jobs reported: 113 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].