PPP Loans Benefited Gulfport Businesses

Gulfport FL

21 July, 2021

10:10 AM

Description

GULFPORT, FL — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Gulfport. 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 Gulfport businesses that benefited from the program according to the SBA. Check here for a full, searchable database. REINFORCED STRUCTURES, INC Saint Petersburg, FL, 33711 Approval amount: $2,636,427 Jobs reported: 176 Forgiveness amount: $2,665,464 SUNCOAST CENTER INC Saint Petersburg, FL, 33711 Approval amount: $2,620,402 Jobs reported: 292 Forgiveness amount: $2,649,980 STABIL CONCRETE PRODUCTS LLC St Petersburg, FL, 33711 Approval amount: $1,227,858 Jobs reported: 105 STABIL CONCRETE PRODUCTS, LLC Saint Petersburg, FL, 33711 Approval amount: $1,183,400 Jobs reported: 120 Forgiveness amount: $1,193,492 BOCA CIEGA INVESTORS LLC South Pasadena, FL, 33707 Approval amount: $1,149,218 Jobs reported: 144 H & T GLOBAL CIRCUIT FACTORY LLCDBA EL REHA PRINTED CIRCUITS St Petersburg, FL, 33712 Approval amount: $1,066,037 Jobs reported: 110 H & T GLOBAL CIRCUIT FACTORY, LLCDBA EL REHA PRINTED CIR St Petersburg, FL, 33712 Approval amount: $1,066,032 Jobs reported: 110 UNITED PARK SERVICES, INC. Saint Petersburg, FL, 33711 Approval amount: $865,524 Jobs reported: 146 Forgiveness amount: $875,934 BAMA SEA PRODUCTS, INC. Saint Petersburg, FL, 33712 Approval amount: $849,302 Jobs reported: 167 Forgiveness amount: $856,144 PAULTER COHEN FINDLAY AND EICHENBAUM MD PA Saint Petersburg, FL, 33711 Approval amount: $742,926 Jobs reported: 48 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].