PPP Loans Benefited West Des Moines Businesses

West Des Moines IA

21 July, 2021

10:09 AM

Description

WEST DES MOINES, IA — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in West Des Moines. 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 111,964 PPP loans approved in Iowa in 2021 alone, according to the Small Business Administration. The total 2021 amount approved was $2,973,773,610. 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 West Des Moines businesses that benefited from the program according to the SBA. Check here for a full, searchable database. ITA GROUP, INC. West Des Moines, IA, 50266 Approval amount: $10,000,000 Jobs reported: 500 Forgiveness amount: $10,113,151 PALMER COMPANIES, INC. West Des Moines, IA, 50266 Approval amount: $5,651,725 Jobs reported: 75 E-GIANTS TECHNOLOGIES, LLC West Des Moines, IA, 50266 Approval amount: $4,726,504 Jobs reported: 282 Forgiveness amount: $4,779,940 DES MOINES ORTHOPAEDIC SURGEONS PC West Des Moines, IA, 50266 Approval amount: $4,485,600 Jobs reported: 250 Forgiveness amount: $4,538,057 HUBBELL REALTY COMPANY & SUBSIDIARIES West Des Moines, IA, 50266 Approval amount: $4,175,000 Jobs reported: 248 Forgiveness amount: $4,208,632 ARONA CORPORATION West Des Moines, IA, 50265 Approval amount: $3,352,900 Jobs reported: 500 Forgiveness amount: $3,392,017 ACCESS TECHNOLOGIES, INC. Waukee, IA, 50263 Approval amount: $3,223,700 Jobs reported: 219 Forgiveness amount: $3,254,612 GILCREST JEWETT LUMBER COMPANY Waukee, IA, 50263 Approval amount: $3,125,780 Jobs reported: 318 Forgiveness amount: $3,149,759 ALL-STATE INDUSTRIES, INC. West Des Moines, IA, 50265 Approval amount: $3,012,200 Jobs reported: 266 Forgiveness amount: $3,047,426 BSB DESIGN INC West Des Moines, IA, 50266 Approval amount: $2,853,300 Jobs reported: 168 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].