PPP Loans Benefited Renton Businesses

Renton WA

21 July, 2021

10:14 AM

Description

RENTON, WA — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Renton. 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 Renton businesses that benefited from the program according to the SBA. Check here for a full, searchable database. NORTH WEST HANDLING SYSTEMS INC Renton, WA, 98057 Approval amount: $4,884,822 Jobs reported: 334 Forgiveness amount: $4,939,559 ALLIANCE PACKAGING LLC Renton, WA, 98057 Approval amount: $4,635,000 Jobs reported: 297 Forgiveness amount: $4,686,048 MEDIAMOSAIC, INC. Renton, WA, 98057 Approval amount: $4,534,503 Jobs reported: 197 NORTHWEST CENTER SERVICES Renton, WA, 98057 Approval amount: $4,286,529 Jobs reported: 424 A.T.S. AUTOMATION, INC. Renton, WA, 98057 Approval amount: $3,635,700 Jobs reported: 218 Forgiveness amount: $3,678,432 WHITE MOUNTAIN BEVERAGE, LLC Renton, WA, 98057 Approval amount: $3,406,900 Jobs reported: 351 Forgiveness amount: $3,447,972 JOLLYS PHARMACY, INC. Renton, WA, 98057 Approval amount: $3,344,103 Jobs reported: 223 INTEGRITY NETWORKS, INC. Renton, WA, 98057 Approval amount: $2,381,131 Jobs reported: 159 Forgiveness amount: $2,407,487 SALON SERVICES AND SUPPLIES IN Renton, WA, 98057 Approval amount: $2,223,969 Jobs reported: 207 Forgiveness amount: $2,249,560 SEIU HEALTHCARE 1199NW Renton, WA, 98057 Approval amount: $2,222,525 Jobs reported: 100 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].