Which Clearwater Businesses Got PPP Loans

Clearwater FL

21 July, 2021

10:15 AM

Description

CLEARWATER, FL — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Clearwater. 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 Clearwater businesses that benefited from the program according to the SBA. Check here for a full, searchable database. PRECISION PERSONNEL INC Clearwater, FL, 33755 Approval amount: $5,654,304 Jobs reported: 228 LOOP, LLC Clearwater, FL, 33755 Approval amount: $5,343,400 Jobs reported: 300 KNIGHT BROADBAND LLC Clearwater, FL, 33756 Approval amount: $4,441,700 Jobs reported: 380 Forgiveness amount: $4,492,533 SOUTHEAST QSR, LLC Clearwater, FL, 33756 Approval amount: $4,097,000 Jobs reported: 499 Forgiveness amount: $4,143,358 FRANKCRUM CORPORATE, INC. Clearwater, FL, 33756 Approval amount: $3,520,100 Jobs reported: 260 Forgiveness amount: $3,556,572 MID-SOUTH BELLS, LLC Clearwater, FL, 33756 Approval amount: $3,500,000 Jobs reported: 499 Forgiveness amount: $3,539,219 LOKEY OLDSMOBILE, INC. Clearwater, FL, 33761 Approval amount: $3,441,220 Jobs reported: 309 CLEARWATER CARDIOVASCULAR AND INTERVENTIONAL CONSULTANTS, M. Clearwater, FL, 33756 Approval amount: $2,764,100 Jobs reported: 169 Forgiveness amount: $2,786,827 FLORIDA BELLS, LLC Clearwater, FL, 33756 Approval amount: $2,660,000 Jobs reported: 499 Forgiveness amount: $2,495,007 PRECISION PERSONNEL INC Clearwater, FL, 33755 Approval amount: $2,000,000 Jobs reported: 140 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].