PPP Loans Benefited Orlando Businesses

Orlando FL

21 July, 2021

11:56 AM

Description

ORLANDO, FL — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Orlando. 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 Orlando businesses that benefited from the program according to the SBA. Check here for a full, searchable database. RED LOBSTER RESTAURANTS LLC Orlando, FL, 32801 Approval amount: $10,000,000 Jobs reported: 467 GRAY ROBINSON PA Orlando, FL, 32801 Approval amount: $10,000,000 Jobs reported: 500 HOLM RESTAURANTS, LLC Winter Park, FL, 32789 Approval amount: $9,391,000 Jobs reported: 500 FOUNDRY COMMERCIAL, LLC Orlando, FL, 32801 Approval amount: $6,240,367 Jobs reported: 350 CENTRAL FLORIDA YOUNG MEN'S CHRISTIAN ASSOCIATION Orlando, FL, 32803 Approval amount: $5,370,891 Jobs reported: 500 RED LOBSTER MANAGEMENT LLC Orlando, FL, 32801 Approval amount: $5,222,997 Jobs reported: 295 LAKE HIGHLAND PREPARATORY SCHOOL INC Orlando, FL, 32803 Approval amount: $4,864,100 Jobs reported: 425 Forgiveness amount: $4,919,091 LIFE CONCEPTS INC Orlando, FL, 32803 Approval amount: $4,445,000 Jobs reported: 500 TLC ENGINEERING SOLUTIONS, INC. Orlando, FL, 32801 Approval amount: $4,433,000 Jobs reported: 380 Forgiveness amount: $4,484,226 RUMBERGER KIRK & CALDWELL PA Orlando, FL, 32801 Approval amount: $3,832,900 Jobs reported: 207 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].