PPP Loans Benefited Portsmouth Businesses

Portsmouth VA

21 July, 2021

10:18 AM

Description

PORTSMOUTH, VA — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Portsmouth. 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 Portsmouth businesses that benefited from the program according to the SBA. Check here for a full, searchable database. COLONNA'S SHIP YARD, INCORPORATED Norfolk, VA, 23523 Approval amount: $10,000,000 Jobs reported: 500 TP HOST LLC Norfolk, VA, 23510 Approval amount: $7,970,780 Jobs reported: 496 CHILDREN'S SPECIALTY GROUP Norfolk, VA, 23507 Approval amount: $4,223,700 Jobs reported: 249 KAUFMAN & CANOLES, P.C. Norfolk, VA, 23510 Approval amount: $4,156,400 Jobs reported: 230 Forgiveness amount: $4,206,854 XYLEM, INC. Norfolk, VA, 23510 Approval amount: $3,536,864 Jobs reported: 433 Forgiveness amount: $3,577,440 PEOPLE FOR THE ETHICAL TREATMENT OF ANIMALS INC Norfolk, VA, 23510 Approval amount: $2,603,800 Jobs reported: 219 Forgiveness amount: $1,927,484 FOUNDATION TO SUPPORT ANIMAL PROTECTION Norfolk, VA, 23510 Approval amount: $2,382,600 Jobs reported: 203 Forgiveness amount: $1,734,032 NORFOLK TUG COMPANY Norfolk, VA, 23523 Approval amount: $2,342,600 Jobs reported: 137 Forgiveness amount: $2,368,499 GLASSER AND GLASSER P.L.C. Norfolk, VA, 23510 Approval amount: $2,000,000 Jobs reported: 167 HOPE HOUSE FOUNDATION Norfolk, VA, 23510 Approval amount: $1,953,600 Jobs reported: 301 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].