PPP Loans Benefited Largo Businesses

Largo FL

21 July, 2021

10:19 AM

Description

LARGO, FL — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Largo. 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 Largo businesses that benefited from the program according to the SBA. Check here for a full, searchable database. FORMULATED SOLUTIONS LLC Largo, FL, 33773 Approval amount: $4,168,881 Jobs reported: 349 Forgiveness amount: $4,216,707 INTREPID POWERBOATS INC. Largo, FL, 33773 Approval amount: $3,814,666 Jobs reported: 300 Forgiveness amount: $3,857,829 SEA LINK INTERMEDIATE HOLDINGS, LLC Largo, FL, 33773 Approval amount: $2,822,600 Jobs reported: 321 BECKWITH ELECTRIC CO., INC. Largo, FL, 33773 Approval amount: $2,755,600 Jobs reported: 185 Forgiveness amount: $2,785,988 ETAIROS HEALTH, INC. Largo, FL, 33771 Approval amount: $2,640,000 Jobs reported: 500 Forgiveness amount: $2,669,040 EYE PHYSICIANS OF PINELLAS PA Largo, FL, 33770 Approval amount: $2,576,673 Jobs reported: 280 Forgiveness amount: $2,606,948 WENDOVER PROVIDENCE PARTNERS, LLC Largo, FL, 33773 Approval amount: $2,552,200 Jobs reported: 210 Forgiveness amount: $2,581,976 THE EYE PHYSICIANS OF PINELLAS P A Largo, FL, 33770 Approval amount: $2,000,000 Jobs reported: 190 INTIME STAFFING LLC Largo, FL, 33770 Approval amount: $1,873,932 Jobs reported: 277 LARGO INVESTMENTS & ASSOCIATES Largo, FL, 33774 Approval amount: $1,537,500 Jobs reported: 245 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].