PPP Loans Benefited Fort Myers Businesses

Fort Myers FL

21 July, 2021

10:22 AM

Description

FORT MYERS, FL — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Fort Myers. 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 Fort Myers businesses that benefited from the program according to the SBA. Check here for a full, searchable database. JUNIPER LANDSCAPING OF FLORIDA, LLC Fort Myers, FL, 33905 Approval amount: $7,636,900 Jobs reported: 500 Forgiveness amount: $7,721,330 RADIOLOGY REGIONAL CENTER PA Fort Myers, FL, 33901 Approval amount: $6,595,765 Jobs reported: 493 Forgiveness amount: $6,672,927 FAMILY HEALTH CENTERS OF SOUTHWEST FLORIDA INC. Fort Myers, FL, 33901 Approval amount: $5,854,482 Jobs reported: 500 FALLSAFE SOLUTIONS, LLC Fort Myers, FL, 33905 Approval amount: $5,769,000 Jobs reported: 500 LEESAR, INC. Fort Myers, FL, 33901 Approval amount: $5,092,135 Jobs reported: 476 SALUSCARE, INC. Fort Myers, FL, 33901 Approval amount: $3,747,500 Jobs reported: 369 Forgiveness amount: $3,791,117 LEE COUNTY RV SALES COMPANY Fort Myers, FL, 33905 Approval amount: $2,874,330 Jobs reported: 188 Forgiveness amount: $2,906,536 HENDERSON, FRANKLIN, STARNES & HOLT, PA Fort Myers, FL, 33901 Approval amount: $2,807,900 Jobs reported: 135 AD-LER ROOFING INC. Fort Myers, FL, 33901 Approval amount: $2,504,100 Jobs reported: 194 Forgiveness amount: $2,526,122 EYE CENTERS OF FLORIDA PA Fort Myers, FL, 33901 Approval amount: $2,146,913 Jobs reported: 190 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].