More than 150 companies in Morgan Hill have collectively received millions of dollars worth of loans through the Small Business Administration since the Covid-19 pandemic began.
The SBA released a list July 6 of thousands of companies and nonprofits nationwide that received loans through the Payment Protection Program. Loans from this program are used to keep employees on the payroll as the ongoing pandemic has strained large sectors of the economy.
Three local companies received at least $5 million from the PPP: Continuing Development Incorporated, Lusamerica Foods and Shoe Palace, according to the SBA
The PPP—a part of the Coronavirus Aid, Relief and Economic Security Act—first drew scrutiny after it quickly burned through its initial $350 billion allocation by helping large public companies secure multi-million dollar loans while many small businesses missed out.
The program is under scrutiny again as the list released July 6 showed that several private equity-backed chains owned by members of Congress and dozens of publicly traded companies and corporations received millions.
The program has distributed roughly $520 billion through about 4.9 million loans, according to the SBA. Roughly $130 billion still sits unclaimed. Small business owners have until Aug. 8 to apply for a PPP loan.
To see the full list of recipients that received a loan of at least $150,000 click here.
The SBA also released lists containing the approved loans of less than $150,000 for each state but did not disclose the names of the recipients. To see those lists click here.
Below are Morgan Hill businesses and nonprofits that received more than $1 million in loans. The SBA asked business owners to provide some background information, including how many jobs the loan would help retain and the ethnicity of the owner. If at least 75 percent of the loan, according to the SBA, is used for payroll, it becomes “forgivable.”
– Continuing Development Incorporated: $5-10 million. Jobs retained: 500
– Lusamerica Foods, Inc.: $5-10 million. Jobs retained: 360
– Shoe Palace Corporation: $5-10 million. Jobs retained: 450
– George Chiala Farms, Inc.: $2-5 million. Jobs retained: 410
– Kawahara Nursery, Inc.: $2-5 million. Jobs retained: 345
– M&L Precision Machining, Inc.: $2-5 million. 122
– Marki Microwave, Inc.: $2-5 million. Jobs retained: 135
– Pacific States Industries Incorporated: $2-5 million. Jobs retained: 135
– A Munoz Landscape Construction, Inc.: $1-2 million. Jobs retained: Not listed
– A&S Painting and Plastering Inc: $1-2 million. Jobs retained: 133
– Art Brand Studios LLC: $1-2 million. Jobs retained: 100
– Hollister Ace Hardware: $1-2 million. Jobs retained: 161
– Medallion Landscape Management Inc.: $1-2 million. Jobs retained: 197
– Monument Construction Inc.: $1-2 million. Jobs retained: 116
– New Product Integration Solutions Inc.: $1-2 million. Jobs retained: Not listed
– Pac Con Glazing, Inc.: $1-2 million. Jobs retained: 72
– Paragon Mechanical, Inc.: $1-2 million. Jobs retained: 44
– Precision Drywall Interiors, Inc.: $1-2 million. Jobs retained: 73
– Psynergy Programs, Inc.: $1-2 million. Jobs retained: Not listed
– Silicon Valley Glass Incorporated: $1-2 million. Jobs retained: 99
– The Ford Store Morgan Hill, Inc.: $1-2 million. Jobs retained: 125
– Ursus, Inc.: $1-2 million. Jobs retained: 0
Editor’s note: The Times is part of a group of 12 weekly newspapers that applied for and received a PPP loan of $1-2 million through Nuz, Inc. in Santa Cruz.
