PPP Loans Benefited Albuquerque Businesses

Albuquerque NM

21 July, 2021

10:13 AM

Description

ALBUQUERQUE, NM — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Albuquerque. 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 19,027 PPP loans approved in New Mexico in 2021 alone, according to the Small Business Administration. The total 2021 amount approved was $1,136,917,414. 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 Albuquerque businesses that benefited from the program according to the SBA. Check here for a full, searchable database. HERITAGE HOTELS AND RESORTS, INC. Albuquerque, NM, 87102 Approval amount: $4,190,197 Jobs reported: 500 EL ENCANTO INC Albuquerque, NM, 87102 Approval amount: $2,439,977 Jobs reported: 275 Forgiveness amount: $2,458,480 MODRALL, SPERLING, ROHEL, HARRIS & SISK, P.A. Albuquerque, NM, 87102 Approval amount: $2,352,600 Jobs reported: 118 Forgiveness amount: $2,380,243 RODEY, DICKASON, SLOAN, AKIN & ROBB, P.A. Albuquerque, NM, 87103 Approval amount: $2,108,552 Jobs reported: 132 Forgiveness amount: $2,132,742 SANTA FE PICACHO HOTEL MANAGEMENT CORPORATION Albuquerque, NM, 87102 Approval amount: $1,787,347 Jobs reported: 257 Forgiveness amount: $1,807,554 TIGRIS, LLC Albuquerque, NM, 87102 Approval amount: $1,729,468 Jobs reported: 237 GARCIA ENTERPRISES INC. Albuquerque, NM, 87104 Approval amount: $1,658,338 Jobs reported: 187 BIXBY ELECTRIC, INC. Albuquerque, NM, 87102 Approval amount: $1,495,600 Jobs reported: 130 Forgiveness amount: $1,506,295 GUADALUPE HOTEL INVESTMENT LLC DBA ELDORADO HOTEL AND SPA Albuquerque, NM, 87102 Approval amount: $1,415,204 Jobs reported: 195 ALBUQUERQUE MAIL SERVICE INC. Albuquerque, NM, 87102 Approval amount: $1,413,617 Jobs reported: 119 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].