Which Aventura Businesses Got PPP Loans

Aventura FL

21 July, 2021

11:57 AM

Description

AVENTURA, FL — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Aventura. 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 598,506 PPP loans approved in Florida in 2021 alone, according to the Small Business Administration. The total 2021 amount approved was 19,036,179,898. 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 Aventura businesses that benefited from the program according to the SBA. Check here for a full, searchable database. NEIGHBORHOOD RESTAURANT PARTNERS LLC Miami, FL, 33180 Approval amount: $8,192,252 Jobs reported: 500 Forgiveness amount: $8,286,519 TB ISLE RESORT LP Aventura, FL, 33180 Approval amount: $7,108,228 Jobs reported: 426 TURNBERRY HOTELS MANAGEMENT GROUP, LLC, A FLORIDA LIMITED LI Miami, FL, 33180 Approval amount: $5,304,400 Jobs reported: 500 ADVENIR LIVING, LLC Aventura, FL, 33160 Approval amount: $4,532,100 Jobs reported: 250 Forgiveness amount: $4,584,374 SCHECK HILLEL COMMUNITY SCHOOL Miami, FL, 33180 Approval amount: $3,627,000 Jobs reported: 263 ACCESSO RESOURCES, LLC Hallandale, FL, 33009 Approval amount: $3,568,983 Jobs reported: 233 Forgiveness amount: $3,609,464 ELITE GUARD & PATROL SERVICE INC North Miami Beach, FL, 33160 Approval amount: $3,126,300 Jobs reported: 475 831 FEDERAL HIGHWAY ACQUISITION, LLC Hallandale, FL, 33009 Approval amount: $3,121,500 Jobs reported: 366 CARDONE TRAINING TECHNOLOGIES, INC Miami, FL, 33180 Approval amount: $2,759,500 Jobs reported: 107 Forgiveness amount: $2,791,253 ACQUALINA MANAGEMENT, LLC Sunny Isles Beach, FL, 33160 Approval amount: $2,663,700 Jobs reported: 250 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].