Pierce County businesses have received more than $ 1 billion this year through the Paycheck Protection Program intended to help people keep their jobs during the pandemic, according to a review by The News Tribune.
The information released by the U.S. Small Business Administration on November 30 was the first comprehensive data set made available on the program that included the exact amounts of money allocated. Previously, entities that received aid were listed by monetary ranges for amounts ranging from $ 350,000 to $ 10 million. Previously released federal data also did not include company names for recipients of loans under $ 150,000.
Nearly 8,000 businesses in Pierce County have obtained more than $ 289 million in Paycheck Protection Program loans for amounts under $ 150,000, according to data released by the US Small Business Administration in November.
A total of $ 1,142,239,299.06 was distributed in Pierce County through 9,384 loans.
The program, created to encourage companies to keep their workers during the coronavirus pandemic, distributed $ 349 billion nationwide in days in April. The total eventually rose to $ 523 billion for 5.2 million borrowers nationwide.
A total of 78,450 jobs were reported by Pierce County businesses requesting the loans, with 2,398 of the recipients reporting zero or nothing in terms of potentially saved jobs.
The largest PPP loan, $ 10 million, was received by Parametrix, Inc. at Puyallup, an engineering, planning and environmental consultancy.
The smaller one, $ 228, was sent to an independent contractor listed as a holding company in Lakebay on the Key Peninsula.
A total of 7,945 small loans have been made from the start of the program in April through early August, or about 85% of the county’s total.
Just under a third of those loans – 2,475 – landed in the $ 10,000 to $ 25,000 range.
Over 1,600 loans were between $ 25,000 and $ 50,000 and 1,475 between $ 50,000 and $ 100,000. Another 1,700 fell below the $ 10,000 mark.
RESTAURANTS AND HOSPITALITY
Pierce County restaurants, bars, caterers and other foodservice businesses, excluding grocery stores, have received more than $ 84 million through the P3. Almost half of that money landed in the accounts of national restaurant chains or franchises, regional chains or restaurants with multiple locations of the same concept, according to an analysis of the data by News Tribune.
A franchise is often owned by a local businessman or investment group and pays a fee to use the corporate brand name. Most McDonald’s, KFC and Denny’s stores, for example, are franchised; Subway has always been a fully franchised concept. All of these brand names are examples of P3 recipients in Pierce County.
A total of 657 catering and food service entities have obtained PPP loans. Of these, 547 loans were less than $ 150,000, representing $ 26.68 million.
This emergency funding did not save every restaurant in Pierce County. Swiss pub, Pacific Grill and its catering branch, El Borracho and Bonney Lake Tavern have called for funds but have since closed. As The News Tribune reported in July, Tacoma Baking Co., mired in the controversy over salary disputes with employees and his equipment loan, received a loan even after its final closure.
Over 70 entities under hospitality (accommodation, event planning) and hotel codes received a total of $ 5.6 million in PPP loans.
One of them, Hospitality Development Group, owner of a hotel converted to a temporary COVID-19 care site on Hosmer Street, received $ 117,800 in a PPP loan approved on April 14 for the same site with 20 jobs listed.
The site that month also became a temporary care center for COVID-19 patients who needed to self-isolate, and also received funding in FEMA disbursements.
The temporary care site has received $ 7,805,000 in rental and service contracts through Nov. 30, according to information received from Pierce County on Wednesday in response to questions. FEMA covers 75 percent of the costs.
The December costs will not be available until the end of the fiscal year.
The average length of stay for the 281 people who stayed at the Temporary Care Center is 9 days.
The LLC also received a combined amount of $ 291,700 for two other properties in the area.
In March, the real estate industry faced what it feared would be an incredibly bleak future with the governor’s “Stay Home, Stay Healthy” order.
More than 200 offices of real estate agents and brokers in Pierce County received $ 8,063,621.40 in P3 loans, while real estate appraisers received $ 394,681.32.
In the following months, the market set new records, with Pierce County posting extremely low housing inventories and the median home selling price set a record in November.
The percentage of sales closed in November increased by 27.82% compared to 2019.
A review by the Puget Sound Business Journal noted that the largest PPP loan to a state real estate entity had been received by Tacoma-based Cambridge Management, which oversees a nationwide portfolio of affordable housing communities. He was approved for a loan of $ 5.3 million.
More information is available at sba.gov/coronavirus.
This story was originally published December 27, 2020 7:00 a.m.