LAS VEGAS (KTNV) – The Paycheck Protection Program has released a list of all its recipients of large dollar loans
The PPP program distributed more than $ 500 billion in nearly 5 million loans through June 30, according to the Small Business Administration.
Controversy has surrounded the show from the start, especially after the news that big companies like Pizza Hut and Taco Bell received loans and rapper Kanye West also received money for his Yeezy shoes.
The purpose of the program, which is part of the $ 2 million Coronavirus Economic Aid, Relief and Security Act, was to help small businesses cover payroll after the coronavirus pandemic forced many of them to close or reduce your operations. The program has helped more than 660,000 companies and supported 51.1 million jobs through the end of June.
According to reports, approximately 500,000 of those jobs are located in Nevada and 86% of the estimated small business payroll was covered in the State of Plata.
The top five industries in general to receive loans were health care and social assistance; services professionals, scientists and technicals; building; manufacturing; and accommodation and food services.
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According to the guidelines of the program, the maximum amount that a company can receive is its monthly average payroll cost in 2019, multiplied by 2.5 up to a maximum of $ 10 million.
The vast majority of loans were for $ 50K and less, approximately 3.2 million loans.
According to the June report, the national average loan amount was $ 107,000.
Businesses can spend 40% of loans on operating costs like rent or utilities. If they spend 60% on employees, part or all of the loan amount can be forgiven.
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Almost 83,000 companies received loans between $ 1 million and $ 5 million.
California companies received the most money, more than $ 68 billion.
Businesses in Texas received $ 41 billion and businesses in New York received $ 38 billion.
The state of Nevada received a total of $ 4,125,976,098.
Although exact dollar amounts are not available, here are 13 companies in Clark County that received larger amounts through the program.
Note that the original report admits that the accuracy of job retention numbers varies widely.
BETWEEN $ 2- $ 5 MILLION
All Western Mortgage (89113)
0 jobs held
Bidi Inc. (89108)
0 jobs held
Desert Orthopedic Center (89121)
227 jobs retained
Findlay Automotive (89146)
0 jobs held
Glencoe Management Inc. (89117)
19 jobs held
Odyssey Charter School (89146)
0 jobs held
Picore Beristain Initiative (89052)
0 jobs held
Star Nursery (89014)
0 jobs held
BETWEEN $ 5- $ 10 MILLION
CCLV Luxury Hotel (89158)
490 jobs retained
R&R Partners (89144)
276 jobs retained
Silver State Bell (89146)
500 jobs held
WBF Management LLC (89106)
500 jobs held
XL concrete masonry (89115)
426 jobs retained
PREVIOUS DATA SOURCE
According to the report, almost $ 132 billion remains in the fund.
To learn more about the program in Nevada, click here. The deadline to apply for the program is August 8.
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