Over 3,000 Trucking Companies Received PPP Loans

11 Juillet, 2020, 13:55 | Auteur: Adelaide Bullion
  • Truck Stops

According to the smaller-loan data set from SBA, Pierce County received $276,576,084 in smaller, federal loans.

SharpSpring, one of the three recipients of loans in the $2 million to $5 million range, is a Florida-based digital marketing automation firm, according to its website and Alana Christou, director of HR and recruitment.

Other nonprofits in the area received assistance, including a loan in the $350,000 to $1 million range for the National Ability Center and ones between $150,000 and $350,000 for the Christian Center of Park City, Peace House and the Kimball Arts Center.

"We've already pretty well gone through all of it", said Rick Scheer, general manager of the Ute Mountain Casino Hotel.

"We've had all of our employees, we have a contingent of them working here five days a week", Scheer said.

Data from the Small Business Administration highlights a systemic problem with the PPP loan. Ellsworth ($10,910), Mesopotamia ($56,292), Orangeville ($11,900) and Winona ($15,500) each had a single business awarded PPP funding. The newly-released data details a wide spectrum of businesses applying for and receiving aid through the program; notably, however, the data also includes loans that were applied for but then returned or not accepted from the companies. "Yet, revenues for many small businesses are still at unsustainable lows and a second loan is needed as soon as possible". Citi told Axios it did not fund a PPP loan for Bird. "Large non-profits (over 500 employees) were left out in the act". "All of our folks, they are participants in the local economy, and so I hope that all of this is hopefully a rising tide that lifts all ships". "We were extremely grateful for the opportunity to apply for the PPP".

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Tim Walsworth, executive director of the Durango Business Improvement District, said he's anxious some businesses, especially sole proprietorships, may have lacked the connections and resources to obtain one of the loans when the program was available.

"It was really hard for them to fit in that box that was created so quickly", Walsworth said. Loan forgiveness is available - turning the loans into grants - if companies meet certain criteria, including spending a majority of the money on payroll expenses. Corey Lee of Benu in San Francisco has said he was boosted by PPP funds, but his loan did not appear in the disclosed data. In June, Congress passed a modification to the program, giving small businesses until the end of the year to spend the loan money, rather than the original eight weeks stipulated in CARES.

Some lawmakers and business-owners raised concerns in the first round of funding that large corporations were receiving money meant for smaller businesses.

The publicly released data on demographics is scarce, but seems broadly reflective of that criticism. In Alabama, almost 58,000 businesses got loans of less than $150,000, totaling almost $2 billion.

The racial breakdown of businesses that received loans in Southwest Colorado shows business owners who received loans were largely white. "If a lender did not cancel the loan in the ETran system, the loan is listed", a senior administration official said.



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