Which Boca Raton Businesses Got PPP Loans

Boca Raton FL

21 July, 2021

10:18 AM

Description

BOCA RATON, FL — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Boca Raton. 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 Boca Raton businesses that benefited from the program according to the SBA. Check here for a full, searchable database. BOIES SCHILLER FLEXNER LLP Boca Raton, FL, 33431 Approval amount: $10,000,000 Jobs reported: 490 CHERRYROAD TECHNOLOGIES INC. Boca Raton, FL, 33431 Approval amount: $6,220,800 Jobs reported: 417 Forgiveness amount: $6,294,586 NATIONAL SECURITIES CORPORATION Boca Raton, FL, 33431 Approval amount: $5,523,738 Jobs reported: 346 Forgiveness amount: $5,589,255 ANNUITY HEALTH HOLDINGS, LLC Boca Raton, FL, 33431 Approval amount: $4,900,000 Jobs reported: 250 SANDOW EMPLOYEE SERVICES Boca Raton, FL, 33431 Approval amount: $4,729,700 Jobs reported: 240 SEEMAN HOLTZ PROPERTY AND CASUALTY LLC Boca Raton, FL, 33431 Approval amount: $4,269,400 Jobs reported: 347 AMZAK METAL HOLDINGS INC Boca Raton, FL, 33432 Approval amount: $4,198,110 Jobs reported: 373 Forgiveness amount: $4,245,689 AMERICAN TRAVELER STAFFING PROFESSIONALS LLC Boca Raton, FL, 33432 Approval amount: $4,083,700 Jobs reported: 455 Forgiveness amount: $3,598,594 PHARMALOGIC HOLDINGS CORP Boca Raton, FL, 33432 Approval amount: $3,985,425 Jobs reported: 500 THE LAW OFFICES OF KANNER AND PINTALUGA, P.A. Boca Raton, FL, 33432 Approval amount: $3,852,500 Jobs reported: 400 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].