![]() ![]() “ It is possible that some companies may not have been aware, or that some companies may have elected not to accept a PPP loan for that purpose, although we don’t have any specific examples of that,” he said in response to questions relayed through a spokesperson. Inc., said that, even though many of these private businesses are used to keeping their financial information private, his company was aware that freedom of information laws would make information on the loans public, and it advised clients accordingly. So the PPP loans are the first widely shared financial information about private businesses in the country.īrian Webster, a senior manager at the accounting firm Schneider Downs & Co. īut the majority of the small and medium-sized businesses who received PPP loans are not required to publish financial statements and only privately send tax information to the Internal Revenue Service. Financial analysts can estimate the size of the largest privately held companies. PPP loans were given out based on 2019 salary data, so the new data also sheds light on the payrolls of thousands of privately held city businesses that otherwise aren’t required to publicly share their payroll data. TeleTracking didn’t respond to an interview request. TeleTracking received $9.7 million in PPP funds. The third-largest recipient was TeleTracking Technologies Inc., a healthcare IT company that was embroiled in controversy over the Trump administration’s decision to pay it $10 million to track national COVID-19 hospital data instead of tracking it through the Centers for Disease Control and Prevention. RYCON Construction didn’t respond to an interview request. “Today, we have some significant programs that are still delayed due to our customers’ economic situation, though most of our projects have resumed and are proceeding.” “ The PPP program allowed companies such as Sargent to be ready to support our customers as they gradually recovered their ability to continue their projects,” Smith wrote. Sargent’s projects were shut down during the pandemic, according to an emailed statement from its president, Rob Smith, though he said non-disclosure agreements prevented him from going into more detail. RYCON Construction Inc., a construction company, and Sargent Electric Company, an electrical contractor, were the only two local companies to receive the maximum loan amount of $10 million. The top 10% of businesses received more than two-thirds of the total local money infused by the PPP. The top 1% of businesses receiving PPP loans yielded more than $400 million, more than the bottom 80% of businesses combined. The money went disproportionately to the small businesses with the biggest payrolls. To dive into the data and see who received a PPP loan near you, click here to check out our data page. They will, however, have to provide their employee data to their lender if they want the loan to be forgiven, according to a spokesperson for the Small Business Administration. Companies were asked to provide their employee data but were not required to.
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