Which Falls Church Businesses Got PPP Loans

Falls Church VA

21 July, 2021

10:03 AM

Description

FALLS CHURCH, VA — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Falls Church. 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 Falls Church businesses that benefited from the program according to the SBA. Check here for a full, searchable database. COMPUTER WORLD SERVICES, CORP. Falls Church, VA, 22042 Approval amount: $6,130,740 Jobs reported: 426 FORTITUDE INTERNATIONAL LLC Falls Church, VA, 22046 Approval amount: $5,291,965 Jobs reported: 418 Forgiveness amount: $5,352,969 THE CARDIOVASCULAR GROUP, PC Falls Church, VA, 22042 Approval amount: $5,013,300 Jobs reported: 355 Forgiveness amount: $5,070,535 C.J. COAKLEY CO., INC. Falls Church, VA, 22042 Approval amount: $4,854,200 Jobs reported: 422 Forgiveness amount: $4,910,293 INTELLIDYNE, LLC Falls Church, VA, 22042 Approval amount: $4,225,130 Jobs reported: 198 Forgiveness amount: $4,274,188 MERRIFIELD GARDEN CENTER CORPORATION Falls Church, VA, 22042 Approval amount: $4,193,905 Jobs reported: 277 Forgiveness amount: $4,000,365 MARKON INC Falls Church, VA, 22046 Approval amount: $3,878,100 Jobs reported: 235 Forgiveness amount: $3,922,914 UPDATE, INC. Falls Church, VA, 22042 Approval amount: $3,519,400 Jobs reported: 261 Forgiveness amount: $3,559,580 MICRO SYSTEMS CONSULTANTS Falls Church, VA, 22043 Approval amount: $3,372,100 Jobs reported: 178 Forgiveness amount: $3,409,287 CREATIVE INFORMATION TECHNOLOGY, INC. Falls Church, VA, 22043 Approval amount: $2,486,900 Jobs reported: 154 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].