PPP Loans Benefited San Bruno Businesses

San Bruno CA

21 July, 2021

10:00 AM

Description

SAN BRUNO, CA — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in San Bruno. 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 San Bruno businesses that benefited from the program according to the SBA. Check here for a full, searchable database. ASTOUND HOLDING CORPORATION San Bruno, CA, 94066 Approval amount: $3,614,000 Jobs reported: 241 Forgiveness amount: $3,654,794 MOXIE SOFTWARE, INC. San Bruno, CA, 94066 Approval amount: $2,432,867 Jobs reported: 20 Forgiveness amount: $2,459,529 TWM/FRESNO, LLC San Bruno, CA, 94066 Approval amount: $1,517,250 Jobs reported: 291 Forgiveness amount: $1,534,667 CALVARY CROSS CHURCH San Bruno, CA, 94066 Approval amount: $1,346,587 Jobs reported: 101 CALVARY CROSS CHURCH San Bruno, CA, 94066 Approval amount: $1,346,587 Jobs reported: 133 Forgiveness amount: $1,359,241 CENTRAL CALIFORNIA CONNECTION, LLC San Bruno, CA, 94066 Approval amount: $1,003,200 Jobs reported: 291 Forgiveness amount: $1,014,524 MODESTO RESTAURANT GROUP, LLC San Bruno, CA, 94066 Approval amount: $978,700 Jobs reported: 250 Forgiveness amount: $989,935 TWM INDUSTRIES, A CALIFORNIA LIMITED PARTNERSHIP San Bruno, CA, 94066 Approval amount: $957,000 Jobs reported: 196 Forgiveness amount: $967,960 FREIGHT CHECKERS CLERICAL EMPLOYEES AND HELPERS UNION LOCAL San Bruno, CA, 94066 Approval amount: $859,307 Jobs reported: 28 Undisbursed amount: $859,307 CAPPO MANAGEMENT XXVI INC. San Bruno, CA, 94066 Approval amount: $837,742 Jobs reported: 58 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].