Summit County businesses and nonprofits received between $ 85 million and $ 129 million in P3 loans



The park’s record.

Summit County businesses and nonprofits have received between $ 85 million and $ 129 million in Paycheck Protection Program loans as of June 30, with the money targeting a wide range of beneficiaries, restaurants and bars law firms and property management companies.

The Small Business Administration has published a mine of data Monday detailing the money paid out by the program, which included about $ 5.25 billion statewide in more than 50,000 loans. About 1,750 of these loans went to recipients in Summit County.

For loans less than $ 150,000, or about 94% of the county total, the data includes only the municipality and the loan amount and does not reveal the name of the beneficiary. But for those who exceeded that threshold, which included 104 loans, more information was available.

The federal government approved the program in the CARES Act at the end of March and it has since been extended. The next deadline to apply for loans is August 8.

The program was designed to help small businesses keep their employees on the payroll during the COVID-19 pandemic. Loans will be forfeited if a certain percentage of the money is spent on certain approved expenses like payroll.

Summit County’s top three grantees have each been approved for loans in the range of $ 2-5 million: the Sundance Institute and US Ski and Snowboard nonprofit, and a digital marketing automation firm at profit called SharpSpring Technologies, which listed an address in Oakley. . Representatives for that company said the location was likely a data entry error and was based in Gainesville, Florida.

Other nonprofits in the region have received assistance, including a loan in the range of $ 350,000 to $ 1 million for the National Ability Center and loans between $ 150,000 and $ 350,000 for the Christian. Center of Park City, Peace House and the Kimball Arts Center.

Park City organizations received 74 of 104 loans over $ 150,000, with other larger loan recipients including companies from Coalvile, Henefer, Kamas, Oakley and Peoa. Including the smaller loans, almost every municipality in Summit County had a business or nonprofit that received funding.

Of the 1,758 county-wide loans, 1,728 were less than $ 350,000. Park City’s recipients were the bulk of those who received $ 350,000 to $ 1 million, including clothing retailers, bars, hoteliers and restaurants. East Side construction companies, Bell Brothers Oil, Kamas FoodTown, and the Park City Market round out the list.

The six that received between $ 1 million and $ 2 million include All West Communications, Jans LTD., Surefoot, Blue Sky Ranch, Victory Ranch, LLC and a company called Terratron, Inc., based in Park City.

SharpSpring, one of three recipients of $ 2-5 million loans, is a Florida-based digital marketing automation company, according to its website and Alana Christou, director of human resources and recruiting.

Christou wrote in an email that the company had just hired its first Utah-based employee.

Oakley City Recorder Abigail Morrison said there is no business license for this business, nor any sewer or water hook-ups at this site, 5001 Celebration Loop.

Christou said the Utah listing was likely a data entry error, possibly related to their similar Florida address, 5001 Celebration Pointe Ave.

SBA data also shows a loan for SharpSpring Reach, Inc., of $ 150,000 to $ 300,000, located at 5001 Celebration Pointe in Gainesville, Florida.

An SBA representative did not immediately respond to a request for comment.

According to the SBA, loan amounts are tied to previous year’s salary costs and all loans over $ 2 million will be automatically reviewed.

Nationally, there have been 4.9 million PPP loans worth over $ 520 billion. The SBA does not lend the money itself, but rather the banks distribute funds that are backed by the US Treasury.

Utah-based Zions Bank was the ninth-largest lender of PPP loans, racking up nearly $ 7 billion on nearly 47,000 loans, or 1.1% of the national total.

Swift Communications, the parent company of The Park Record in Nevada, received a PPP loan this spring.

Editor’s Note: This article was updated with a response from SharpSpring.



About Author

Leave A Reply