Which Salt Lake City Businesses Got PPP Loans

Salt Lake City UT

21 July, 2021

10:12 AM

Description

SALT LAKE CITY, UT — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Salt Lake City. 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 32,814 PPP loans approved in Utah in 2021 alone, according to the Small Business Administration. The total 2021 amount approved was $1,840,771,407. 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 Salt Lake City businesses that benefited from the program according to the SBA. Check here for a full, searchable database. ALTERNATIVE BEHAVIOR STRATEGIES LLC Salt Lake City, UT, 84102 Approval amount: $4,991,400 Jobs reported: 500 MOUNTAIN WEST BRANDS LLC Salt Lake City, UT, 84102 Approval amount: $4,753,400 Jobs reported: 250 Forgiveness amount: $3,044,726 HOME CAREGIVERS PARTNERSHIP, LLC Salt Lake City, UT, 84102 Approval amount: $3,315,700 Jobs reported: 441 Forgiveness amount: $3,354,035 UTAH SYMPHONY & OPERA Salt Lake City, UT, 84101 Approval amount: $2,809,400 Jobs reported: 214 Forgiveness amount: $2,841,804 MIDWEST COMMERCIAL INTERIORS Salt Lake City, UT, 84101 Approval amount: $2,604,600 Jobs reported: 174 HELIX EDUCATION, INC. Salt Lake City, UT, 84101 Approval amount: $2,469,000 Jobs reported: 136 Forgiveness amount: $2,497,275 CHILDREN'S MIRACLE NETWORK Salt Lake City, UT, 84101 Approval amount: $2,441,700 Jobs reported: 165 TURN COMMUNITY SERVICES Salt Lake City, UT, 84101 Approval amount: $2,352,640 Jobs reported: 157 Forgiveness amount: $2,378,293 MARK MILLER HOLDINGS, LLC Salt Lake City, UT, 84101 Approval amount: $2,329,075 Jobs reported: 188 Forgiveness amount: $1,661,542 JONES WALDO HOLBROOK & MCDONOUGH, P.C. Salt Lake City, UT, 84101 Approval amount: $2,028,000 Jobs reported: 134 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].