PPP Loans Benefited Ashburn Businesses

Ashburn VA

21 July, 2021

10:14 AM

Description

ASHBURN, VA — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Ashburn. 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 Ashburn businesses that benefited from the program according to the SBA. Check here for a full, searchable database. SUPERLATIVE TECHNOLOGIES, INC. Ashburn, VA, 20147 Approval amount: $6,071,875 Jobs reported: 405 ZILLION TECHNOLOGIES INC Ashburn, VA, 20147 Approval amount: $3,874,800 Jobs reported: 394 Forgiveness amount: $3,918,714 THE PODMILSAK GROUP, INC. Ashburn, VA, 20147 Approval amount: $3,337,487 Jobs reported: 111 INTEGRUS HOLDINGS INC Ashburn, VA, 20147 Approval amount: $3,107,800 Jobs reported: 193 Forgiveness amount: $3,143,540 INSTITUTE FOR BUILDING TECHNOLOGY AND SAFETY Ashburn, VA, 20147 Approval amount: $3,083,300 Jobs reported: 179 Forgiveness amount: $3,118,587 INDEPENDENT PROJECT ANALYSIS INC Ashburn, VA, 20147 Approval amount: $2,621,400 Jobs reported: 119 Forgiveness amount: $2,652,857 SAPPHIRE SOFTWARE SOLUTIONS INC Ashburn, VA, 20147 Approval amount: $2,599,812 Jobs reported: 155 Forgiveness amount: $2,626,388 MINDSEEKER, INC. Ashburn, VA, 20147 Approval amount: $2,506,500 Jobs reported: 231 Forgiveness amount: $2,534,420 CIS SECURE COMPUTING, INC. Ashburn, VA, 20147 Approval amount: $2,310,245 Jobs reported: 136 Forgiveness amount: $2,336,829 PAPILLON AIR INC. Ashburn, VA, 20147 Approval amount: $2,126,753 Jobs reported: 27 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].