Which Redmond Businesses Got PPP Loans

Redmond WA

21 July, 2021

10:16 AM

Description

REDMOND, WA — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Redmond. 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 Redmond businesses that benefited from the program according to the SBA. Check here for a full, searchable database. SEQUOYAH ELECTRIC, LLC Redmond, WA, 98052 Approval amount: $7,953,000 Jobs reported: 207 Forgiveness amount: $8,044,514 GEOENGINEERS, INC. Redmond, WA, 98052 Approval amount: $6,553,312 Jobs reported: 325 Forgiveness amount: $6,628,129 3MD INC DBA DENALI ADVANCED INTEGRATION Remond, WA, 98052 Approval amount: $6,551,385 Jobs reported: 475 PACTERA TECHNOLOGIES NA INC Redmond, WA, 98052 Approval amount: $6,453,179 Jobs reported: 139 EXPERT DRYWALL, INC. Redmond, WA, 98052 Approval amount: $5,621,700 Jobs reported: 212 Forgiveness amount: $5,303,052 HOPELINK Redmond, WA, 98052 Approval amount: $4,029,268 Jobs reported: 269 Forgiveness amount: $4,074,859 HOME SERVICES HOLDING GROUP, LLC Redmond, WA, 98052 Approval amount: $3,231,526 Jobs reported: 250 SPUR GROUP INC., THE Redmond, WA, 98052 Approval amount: $3,141,935 Jobs reported: 228 Forgiveness amount: $3,178,261 PRECISION ELECTRIC GROUP, INC. Redmond, WA, 98052 Approval amount: $2,820,017 Jobs reported: 177 Forgiveness amount: $2,850,535 WESTERN TILE & MARBLE Redmond, WA, 98052 Approval amount: $2,588,428 Jobs reported: 189 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].