Which West Palm Beach Businesses Got PPP Loans

West Palm Beach FL

21 July, 2021

10:16 AM

Description

WEST PALM BEACH, FL — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in West Palm 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 West Palm Beach businesses that benefited from the program according to the SBA. Check here for a full, searchable database. GUNSTER, YOKLEY & STEWART, P.A. West Palm Beach, FL, 33401 Approval amount: $7,800,000 Jobs reported: 424 Forgiveness amount: $7,886,548 TOOJAY'S MANAGEMENT LLC West Palm Beach, FL, 33405 Approval amount: $6,436,309 Jobs reported: 500 Forgiveness amount: $6,510,684 SENIOR HEALTH SOUTH-EX LLC West Palm Beach, FL, 33401 Approval amount: $5,120,800 Jobs reported: 500 Forgiveness amount: $5,179,163 MASCHMEYER CONCRETE COMPANY OF FLORIDA West Palm Beach, FL, 33403 Approval amount: $5,065,200 Jobs reported: 400 PRIDEROCK CAPITAL MANAGEMENT, LLC West Palm Beach, FL, 33401 Approval amount: $4,432,953 Jobs reported: 418 ONE PARKING CORPORATE, INC. West Palm Beach, FL, 33401 Approval amount: $3,848,600 Jobs reported: 485 Forgiveness amount: $3,892,042 THE NORTHEAST HEALTH GROUP INC West Palm Beach, FL, 33401 Approval amount: $3,175,035 Jobs reported: 212 Forgiveness amount: $3,211,483 INSTITUTE FOR SENIOR LIVING OF FLORIDA INC West Palm Beach, FL, 33401 Approval amount: $3,145,554 Jobs reported: 210 Forgiveness amount: $3,181,663 LVI INTERMEDIATE HOLDINGS, INC. West Palm Beach, FL, 33401 Approval amount: $3,130,916 Jobs reported: 205 B ING THE BEST, INC. Lake Park, FL, 33403 Approval amount: $2,757,600 Jobs reported: 500 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].