PPP Loans Benefited Miami Beach Businesses

Miami Beach FL

21 July, 2021

11:56 AM

Description

MIAMI BEACH, FL — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Miami Beach. 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 Miami Beach businesses that benefited from the program according to the SBA. Check here for a full, searchable database. BOUCHER BROTHERS MANAGEMENT INC Miami Beach, FL, 33139 Approval amount: $4,988,544 Jobs reported: 500 JOE'S STONE CRAB, INC. Miami Beach, FL, 33139 Approval amount: $4,950,000 Jobs reported: 250 1701 MIAMI (OPERATOR), LLC Miami Beach, FL, 33139 Approval amount: $3,903,500 Jobs reported: 343 DI LIDO BEACH RESORT LLC Miami Beach, FL, 33139 Approval amount: $3,472,300 Jobs reported: 303 MORGANS HOTEL GROUP MANAGEMENT LLC Miami Beach, FL, 33139 Approval amount: $2,796,012 Jobs reported: 305 VERIFRACT, LLC Miami Beach, FL, 33139 Approval amount: $2,611,897 Jobs reported: 107 VHNA ACQUISITION LP Miami Beach, FL, 33139 Approval amount: $2,237,106 Jobs reported: 150 BETSY ROSS OWNER, LLC Miami Beach, FL, 33139 Approval amount: $2,208,000 Jobs reported: 236 MANGO'S TROPICAL CAFE LLC Miami Beach, FL, 33139 Approval amount: $2,169,500 Jobs reported: 248 1100 WEST INVESTMENTS, LLC Miami Beach, FL, 33139 Approval amount: $2,069,600 Jobs reported: 255 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].