PPP Loans Benefited Temple Terrace Businesses

Temple Terrace FL

21 July, 2021

10:19 AM

Description

TEMPLE TERRACE, FL — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Temple Terrace. 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 Temple Terrace businesses that benefited from the program according to the SBA. Check here for a full, searchable database. ORACLE ELEVATOR HOLDCO, INC. Tampa, FL, 33637 Approval amount: $8,254,789 Jobs reported: 499 Forgiveness amount: $8,329,648 ORTHOPAEDIC SOLUTIONS MANAGEMENT, LLC Temple Terrace, FL, 33637 Approval amount: $5,519,477 Jobs reported: 500 MUSCULOSKELETAL INSTITUTE, CHARTERED Temple Terrace, FL, 33637 Approval amount: $3,622,115 Jobs reported: 181 NORTH AMERICAN ROOFING SERVICES, LLC Tampa, FL, 33637 Approval amount: $3,146,710 Jobs reported: 252 TIERRA, INC. Tampa, FL, 33637 Approval amount: $2,775,485 Jobs reported: 199 NIC INFO TEK INC Temple Terrace, FL, 33637 Approval amount: $2,547,882 Jobs reported: 132 Forgiveness amount: $2,577,984 PIONEER MEDICAL GROUP, PL Tampa, FL, 33637 Approval amount: $2,300,000 Jobs reported: 138 SAFEPOINT MGA LLC Temple Terrace, FL, 33637 Approval amount: $2,000,000 Jobs reported: 135 SAFEPOINT MGA, LLC Temple Terrace, FL, 33637 Approval amount: $1,899,700 Jobs reported: 143 Forgiveness amount: $1,910,201 ADEX HEALTHCARE STAFFING LLC Temple Terrace, FL, 33637 Approval amount: $1,737,140 Jobs reported: 154 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].