58 Arizona businesses received $5-10M in federal payroll protection loans
Jul 6, 2020, 5:30 PM | Updated: 6:14 pm
(Getty Images/Manuel Velasquez)
(Getty Images/Manuel Velasquez)
PHOENIX — The U.S. Department of the Treasury on Monday released information regarding businesses that received federal funds from the Paycheck Protection Program — including 58 Arizona businesses that received $5-10 million each in federal loans.
PPP loans were granted earlier this year as part of the federal coronavirus relief bill to help businesses facing financial hardships imposed by the pandemic. The program did not require repayment if companies did not let employees go and spent more than 60% of funds on payroll, among other requirements.
According to government data, some of the Arizona businesses to receive the most amount of PPP money included:
- P.F. Chang’s
- Oregano’s Pizza Bistro
- Upward Projects Holdings
- Moon Valley Nursery Farm Holdings
- Hot Tacos
- INT Technologies
- JFQ Lending
- Lifewell Behavioral Wellness
- Modern Industries
- McDonough Coroporation
- Nextiva
In total, just over 81,000 Arizona small businesses were approved for PPP loans worth $8.6 billion.
Following congressional pressure, the Trump administration made the loan information public regarding businesses that had received $150,000 or more, according to the Wall Street Journal.
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Nationwide, many entities that are not small businesses also received PPP funds.
The Girl Scouts of the United States of America, several private schools, a megachurch in Illinois and a synagogue in New York were also among those to receive PPP funds.
As of Monday, small businesses can still get help from the government’s coronavirus relief plan after Congress extended PPP funding Aug. 8.
The program that was set to expire Tuesday still has nearly $132 billion left after giving out more than 4.8 million loans since it began April 3.
The Associated Press contributed to this report.
