Which Watsonville Businesses Got PPP Loans

Watsonville CA

21 July, 2021

10:05 AM

Description

WATSONVILLE, CA — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Watsonville. 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 Watsonville businesses that benefited from the program according to the SBA. Check here for a full, searchable database. SALUD PARA LA GENTE Watsonville, CA, 95076 Approval amount: $5,218,785 Jobs reported: 366 Forgiveness amount: $5,277,121 S. MARTINELLI & COMPANY Watsonville, CA, 95076 Approval amount: $3,894,617 Jobs reported: 326 Forgiveness amount: $3,936,551 ALTA VISTA FARMS LP Watsonville, CA, 95076 Approval amount: $3,680,400 Jobs reported: 481 Forgiveness amount: $3,722,649 AMERI KLEEN Watsonville, CA, 95076 Approval amount: $3,490,200 Jobs reported: 500 FALCON TRADING COMPANY Royal Oaks, CA, 95076 Approval amount: $3,144,947 Jobs reported: 216 Forgiveness amount: $3,180,705 SIERRA FARMS LLC Watsonville, CA, 95076 Approval amount: $2,568,315 Jobs reported: 338 ORTEGA BERRY FARMS, LLC Watsonville, CA, 95077 Approval amount: $2,493,228 Jobs reported: 425 LAKESIDE ORGANIC GARDENS, LLC Watsonville, CA, 95076 Approval amount: $2,435,157 Jobs reported: 245 Forgiveness amount: $2,462,311 COMMUNITY TREE SERVICE, INC. Royal Oaks, CA, 95076 Approval amount: $2,245,100 Jobs reported: 198 DOBLER AND SONS Watsonville, CA, 95076 Approval amount: $2,205,793 Jobs reported: 263 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].