Which Arlington Businesses Got PPP Loans

Arlington VA

21 July, 2021

10:02 AM

Description

ARLINGTON, VA — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Arlington. 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 113,491 PPP loans approved in Virginia in 2021 alone, according to the Small Business Administration. The total 2021 amount approved was $5,571,715,395. 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 Arlington businesses that benefited from the program according to the SBA. Check here for a full, searchable database. AIRLINES REPORTING CORPORATION Arlington, VA, 22201 Approval amount: $9,448,610 Jobs reported: 370 Forgiveness amount: $9,557,794 THE HANOVER RESEARCH COUNCIL, LLC Arlington, VA, 22203 Approval amount: $5,999,150 Jobs reported: 371 FORS MARSH GROUP LLC Arlington, VA, 22201 Approval amount: $4,460,000 Jobs reported: 274 CAMBRIDGE INTERNATIONAL SYSTEMS INC Arlington, VA, 22201 Approval amount: $4,224,145 Jobs reported: 204 DOMINION ELECTRIC SUPPLY COMPANY, INC. Arlington, VA, 22207 Approval amount: $4,209,500 Jobs reported: 300 Forgiveness amount: $4,259,312 DEFINITIVE LOGIC CORPORATION Arlington, VA, 22201 Approval amount: $4,000,000 Jobs reported: 205 EXCELLA INC Arlington, VA, 22201 Approval amount: $3,940,500 Jobs reported: 283 EVOKE RESEARCH AND CONSULTING, LLC Arlington, VA, 22203 Approval amount: $3,284,025 Jobs reported: 209 Forgiveness amount: $3,322,645 MEDICAL FACILITIES OF AMERICA XI LIMITED PARTNERSHIP Arlington, VA, 22207 Approval amount: $3,250,260 Jobs reported: 156 Undisbursed amount: $3,250,260 HIGH SIERRA POOLS, INC Arlington, VA, 22204 Approval amount: $3,212,612 Jobs reported: 181 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].