Which Edmonds Businesses Got PPP Loans

Edmonds WA

21 July, 2021

10:15 AM

Description

EDMONDS, WA — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Edmonds. 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 91,086 PPP loans approved in Washington in 2021 alone, according to the Small Business Administration. The total 2021 amount approved was $5,887,464,009. 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 Edmonds businesses that benefited from the program according to the SBA. Check here for a full, searchable database. WILCOX CONSTRUCTION INC. Edmonds, WA, 98020 Approval amount: $1,920,000 Jobs reported: 64 INXS INC Edmonds, WA, 98026 Approval amount: $1,893,026 Jobs reported: 183 Forgiveness amount: $1,905,593 RICK STEVES' EUROPE INC Edmonds, WA, 98020 Approval amount: $1,886,367 Jobs reported: 126 Forgiveness amount: $1,899,494 RICK STEVE'S EUROPE INC. Edmonds, WA, 98020 Approval amount: $1,886,367 Jobs reported: 95 WILCOX CONSTRUCTION, INC. Edmonds, WA, 98020 Approval amount: $1,882,500 Jobs reported: 79 Forgiveness amount: $1,895,521 TEN GUN DESIGN INC Edmonds, WA, 98020 Approval amount: $1,846,900 Jobs reported: 96 Forgiveness amount: $1,861,068 LANDAU ASSOCIATES INC. Edmonds, WA, 98020 Approval amount: $1,449,444 Jobs reported: 103 Forgiveness amount: $1,457,295 INTUITIVE SAFETY SOLUTIONS INC. Edmonds, WA, 98026 Approval amount: $1,433,092 Jobs reported: 62 SPEE WEST CONSTRUCTION CO. Edmonds, WA, 98020 Approval amount: $1,314,647 Jobs reported: 48 THE HOTEL GROUP HOLDINGS LLC Edmonds, WA, 98020 Approval amount: $1,279,425 Jobs reported: 33 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].