PPP Loans Benefited Rosemont Businesses

Rosemont CA

21 July, 2021

10:04 AM

Description

ROSEMONT, CA — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Rosemont. 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 Rosemont businesses that benefited from the program according to the SBA. Check here for a full, searchable database. GOODWILL INDUSTRIES OF SACRAMENTO VALLEY Sacramento, CA, 95826 Approval amount: $9,256,065 Jobs reported: 500 ALSTON CONSTRUCTION CO., INC. Sacramento, CA, 95826 Approval amount: $6,780,360 Jobs reported: 374 Forgiveness amount: $6,859,276 AIR SYSTEMS OF SACRAMENTO INC Sacramento, CA, 95827 Approval amount: $5,436,300 Jobs reported: 203 Forgiveness amount: $5,499,004 MARK III CONSTRUCTION, INC. Sacramento, CA, 95826 Approval amount: $4,852,500 Jobs reported: 277 Forgiveness amount: $4,908,573 LJR HOLDINGS INC Sacramento, CA, 95827 Approval amount: $4,185,000 Jobs reported: 255 Forgiveness amount: $4,233,011 APPLIED BEHAVIOR CONSULTANTS, INC. Sacramento, CA, 95826 Approval amount: $2,871,900 Jobs reported: 382 Forgiveness amount: $2,904,710 INTER-STATE OIL CO. Sacramento, CA, 95826 Approval amount: $2,494,600 Jobs reported: 212 Forgiveness amount: $2,524,057 HEALTH AND LIFE ORGANIZATION INC Sacramento, CA, 95827 Approval amount: $2,028,387 Jobs reported: 200 Forgiveness amount: $2,050,616 AIR SYSTEMS SERVICE AND CONSTRUCTION INC. Sacramento, CA, 95827 Approval amount: $2,000,000 Jobs reported: 148 Forgiveness amount: $2,008,222 INTER-STATE OIL CO Sacramento, CA, 95826 Approval amount: $2,000,000 Jobs reported: 179 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].