PPP Loans Benefited Sarasota Businesses

Sarasota FL

21 July, 2021

10:18 AM

Description

SARASOTA, FL — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Sarasota. 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 Sarasota businesses that benefited from the program according to the SBA. Check here for a full, searchable database. PINES OF SARASOTA HEALTHCARE, LLC Sarasota, FL, 34236 Approval amount: $3,443,665 Jobs reported: 364 Forgiveness amount: $3,483,385 PLYMOUTH HARBOR INCORPORATED Sarasota, FL, 34236 Approval amount: $3,200,530 Jobs reported: 266 Forgiveness amount: $3,237,425 SEARCH WIZARDS, INC. Sarasota, FL, 34239 Approval amount: $3,125,000 Jobs reported: 155 FYZICAL ACQUISITION HOLDINGS, LLC Sarasota, FL, 34236 Approval amount: $3,076,600 Jobs reported: 206 Forgiveness amount: $3,110,822 FREEDOM SENIOR MANAGEMENT Sarasota, FL, 34236 Approval amount: $3,076,524 Jobs reported: 400 Forgiveness amount: $3,112,160 S ONE NEVADA LLC Sarasota, FL, 34236 Approval amount: $2,780,800 Jobs reported: 144 Forgiveness amount: $2,813,397 JCI JONES CHEMICALS, INC. Sarasota, FL, 34236 Approval amount: $2,431,775 Jobs reported: 195 SARASOTA 500, LLC Sarasota, FL, 34236 Approval amount: $2,323,000 Jobs reported: 180 MOTE MARINE LABORATORY, INC. Sarasota, FL, 34236 Approval amount: $2,318,259 Jobs reported: 224 Forgiveness amount: $2,342,331 ERACLIDES, GELMAN, HALL & INDEK, PA Sarasota, FL, 34239 Approval amount: $2,233,550 Jobs reported: 137 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].