PPP Loans Benefited Pleasant Hill Businesses

Pleasant Hill CA

21 July, 2021

9:53 AM

Description

PLEASANT HILL, CA — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Pleasant Hill. 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 Pleasant Hill businesses that benefited from the program according to the SBA. Check here for a full, searchable database. EAST BAY INTEGRATED CARE, INC Pleasant Hill, CA, 94523 Approval amount: $3,495,364 Jobs reported: 195 Forgiveness amount: $3,534,531 DIABLO VALLEY ONCOLOGY & HEMATOLOGY MEDICAL GROUP, INC. Pleasant Hill, CA, 94523 Approval amount: $3,082,400 Jobs reported: 156 Forgiveness amount: $3,115,842 EASTBAY EQUITIES INC Pleasant Hill, CA, 94523 Approval amount: $2,814,185 Jobs reported: 500 Forgiveness amount: $2,846,490 MARK SCOTT CONSTRUCTION, INC. Pleasant Hill, CA, 94523 Approval amount: $2,626,800 Jobs reported: 200 Forgiveness amount: $2,657,446 A PLUS TREE INCORPORATED Pleasant Hill, CA, 94523 Approval amount: $2,110,997 Jobs reported: 159 Forgiveness amount: $2,134,363 MARK SCOTT CONSTRUCTION INC. Pleasant Hill, CA, 94523 Approval amount: $2,000,000 Jobs reported: 170 RAINS LUCIA STERN ST. PHALLE & SILVER, PC Pleasant Hill, CA, 94523 Approval amount: $1,787,581 Jobs reported: 120 ETIC Pleasant Hill, CA, 94523 Approval amount: $1,697,332 Jobs reported: 117 Forgiveness amount: $1,707,728 RAINS LUCIA STERN ST. PHALLE & SILVER A PROFESSIONAL CORPORA Pleasant Hill, CA, 94523 Approval amount: $1,670,509 Jobs reported: 88 MCNAMARA NEY BEATTY SLATTERY BORGES Pleasant Hill, CA, 94523 Approval amount: $1,596,100 Jobs reported: 81 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].