Hundreds of seafood-related companies have received approval for Paycheck Protection Program loans of at least USD 150,000 (EUR 132,820), according to a database provided by the U.S. Small Business Administration.
SeafoodSource previously reported 160 fisheries-related businesses that received loans to keep at least 5,385 workers on payrolls during the COVID-19 crisis. Including wholesalers, packagers, and aquaculture companies, that total rises to nearly 660 companies, based on the NAICS code they submitted for their application. Together, seafood-related businesses receiving PPP loans retained at least 31,439 jobs, according to the SBA data.
Sea Watch International, an Easton, Maryland-based clam harvester and processor, and Brooklyn, New York-based Acme Smoked Fish Corp., both received PPP loans valued between USD 5 million and USD 10 million (EUR 4.4 million and EUR 8.9 million) to help them retain 500 workers each. California AGR Contracting, which listed itself as an aquaculture company and federal Department of Transportation records shows as a carrier of refrigerated food, also retained 500 jobs with its loan between USD 1 million and USD 2 million (EUR 885,469 to EUR 1.8 million).
Besides Sea Watch and Acme, six other seafood-related businesses received loans valued at up to USD 10 million (EUR 8.9 million). They are: Georgia-based wholesaler Inland Fresh Seafood Corp. of America (497 jobs), Washington state processor Taylor Shellfish Company (486 jobs), Idaho-based aquaculture firm Riverence Holdings (434 jobs), California wholesaler Lusamerica Foods Inc (360 jobs), Washington packager Silver Bay Seafoods (351 jobs) and Pennsylvania-based wholesaler Samuels and Son Seafood Co. (no job numbers listed).
Other companies that used loans to retain at least 400 workers were The New Option International of San Diego, California, which received a loan valued between USD 350,000 to EUR 1 million (EUR 309, 892 to EUR 885,469) for 425 jobs; New Bedford, Massachusetts-based East Coast Seafood Group, LLC, which received a USD 2 million to USD 5 million (EUR 1.8 million to EUR 4.4 million) loan to retain 419 workers; and Washington-based Bornstein Seafoods Inc., whose loan between USD 2 million to USD 5 million helped them keep 410 employees.
PPP loans, created by lawmakers through the CARES Act, allows small businesses and other eligible companies to receive loans that can be forgivable if at least 75 percent of it is used to maintain payroll.
SMA did not provide company-specific information for loans valued at under USD 150,000.
Through Wednesday July 8, a total of 4.9 million loans have been approved worth a total of USD 521.1 billion (EUR 461.4 billion). The average loan amount is USD 106,542 (94,337). More than 660,000 companies received loans of at least USD 150,000.
The deadline to apply for the remaining funding of about USD 128 billion (EUR 113.3 billion) is 8 August.
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