Arizona businesses have received more than 85,000 emergency pandemic loans worth $ 8.6 billion under the Paycheck Protection Program. The loans were used to keep 887,000 workers at work, according to data released this week by the US Small Business Administration.
The loan program, commonly known as PPP, was approved by Congress at the end of March as part of a $ 2 trillion coronavirus aid program which sent money to workers, businesses and the healthcare system as the country grappled with the early stages of the COVID-19 pandemic.
The SBA initially said it would not release information on who received the more than $ 650 million allocated to the PPP, but gave in to litigation from nearly a dozen media organizations. In July, it released partial data that masked exact large loan amounts and small loan recipients.
However, a federal judge in November rejected the agency’s argument that disclosure of loan totals would indirectly expose private company payroll information, and ordered the SBA to fully disclose information on borrowers and loans.
The new data includes the name of every business that has received a PPP loan, regardless of size, along with the exact amounts for each business. Of loans to businesses headquartered in Arizona, 11 borrowed the maximum of $ 10 million
These businesses include PF Chang’s restaurants in Scottsdale; SFE, a Scottsdale-based company that provides food services to school districts; and Arizona Community Physicians, based in Tucson, a healthcare group with more than 50 offices in Arizona.
The average loan was $ 101,636, two dollars less than Sierra Vista’s landscaping company Cochise Stone, borrowed in late April to pay for employee costs.
The median amount borrowed was $ 24,333, an amount borrowed by both a dentist’s office in Queen Creek and a cleaning company based in Florence.
The 85260 zip code in north Scottsdale has received more loans than any other in the state: 2,578 businesses took out loans worth nearly $ 342 million.
Nearly 1,800 nonprofits have received loans ranging from $ 10 million – received by the Navajo Tribal Utility Authority – to $ 704 for Robinson Ranch, a South Phoenix nonprofit that teaches horseback riding. underprivileged children and therapy for disabled children. and adults. In total, nonprofits said they used the money to pay for more than 51,000 jobs.
About 700 churches and ministerial organizations received a total of $ 72.4 million in emergency loans. The largest, for $ 4.2 million, went to Christ’s Church of the Valley, a non-denominational Christian congregation that operates campuses in Peoria, Phoenix and Scottsdale. The money was used to pay the salaries of 441 employees, the church reported.
There were also over 300 charter and private schools that received $ 99.2 million in P3 loans.