The U.S Small Business Administration on Monday, 6 July, released data on businesses that received a Paycheck Protection Program loan of at least USD 150,000 (EUR 132,764) or more, and based on that information, only a few seafood-related entities were among the major recipients.
United States Seafoods LLC, Bristol Bay Alaska Seafoods LLC, Phoenix Processor Limited Partnership, North Star Fishing Company LLC, Westbank Fishing LLC and Fishermen’s Finest Inc. all were approved for loan amounts between USD 2 million (EUR 1.8 million) and 5 million (4.4 million). They were among the 160 fisheries-related businesses – based on their NAICS code – to receive loans through 30 June, out of a total of more than 661,000 loans of USD 150,000 or more.
The program, which Congress created through the CARES Act, was designed to allow small businesses to avoid laying off workers during the early stages of the COVID-19 crisis. It allowed qualified businesses to receive a loan valued at up to USD 10 million (EUR 8.9 million) that could be forgiven if companies used at least 75 percent of the money to keep employees on the payroll.
United States Seafoods used its loan to keep 378 workers. Bristol Bay Alaska Seafoods was able to keep 340, while Phoenix maintained 273 employees. North Star and Westbank were able to keep 165 and 163 workers respectively, while 139 stayed on board at Fishermen’s Finest.
Another company of note that received a loan was Lunds Fisheries Inc. The USD 1 million to USD 2 million (EUR 885,000 to EUR 1.7 million) loan it received allowed the New Jersey-based company to keep 133 workers on payroll.
Of the 160 high-dollar amount loans, 58 were approved on 29 to 30 June, originally scheduled as the final two days of the program. On 25 June, the Trump Administration opened the program for more fishing-related businesses by allowing vessel owners to incorporate independent contractor workers into their payroll costs.
Of those approved on those days, 45 were approved for amounts between USD 150,000 and 350,000 (EUR 309,791).
Additional loans may have been approved for fishing-related businesses, but SBA did not include company information on those loans.
Last week, after the original deadline passed, Congress approved a bill that extended the program through 8 August. President Donald Trump signed that into law on Saturday, 4 July.
Through Monday 6 July, nearly 4.9 million loans worth nearly USD 521.2 billion (EUR 461.4 billion) have been approved. That leaves about USD 128 billion (EUR 113.3 billion) available for small businesses.
Photo courtesy of Jer123/Shutterstock
