Island businesses receive millions in SBA COVID-19 funds

Federal loans to keep businesses afloat through the COVID-19 pandemic brought more than $15 million to Anna Maria Island.

The Small Business Administration July 6 released some details on businesses that received loans through the Paycheck Protection Program, which was created in late March under the federal CARES Act.

Several media organizations filed suit in May to compel disclosure of PPP recipients under the Freedom of Information Act.

Intended to stabilize the economy, the PPP has allowed small businesses to apply for loans of up to $10 million to cover expenses such as rent and payroll.

A loan may be forgiven if at least 60% of the money is spent on payroll costs. Otherwise, the loans carry a 1% interest rate and must be paid back within two years.

 

$150,000-plus

For loans greater than $150,000, the SBA listed businesses, a value range, lender and date of approval, as well as some details about a business’ location, based on mailing address.

Island businesses received $8.45 million-$22.15 million from 24 loans greater than $150,000, according to the spreadsheets provided by the SBA.

Businesses in Anna Maria received the bulk of those loans, securing 10, along with a $5.65 million-$14.7 million slice of the pie.

Anna Maria businesses also secured the three largest loans on the island.

GMI Holdings Co. received $2 million-$5 million, while ELRA Inc. and WELD Inc., both associated with Ed Chiles’ island restaurants, received loans valued between $1 million-$2 million.

GMI Holdings is the corporate entity for Joseph Galati, Galati Yacht Sales.

Bradenton Beach businesses received the smallest cut, securing six of the 24 loans greater than $150,000 and $800,000-$2.05 million in funds.

Bradenton Beach-based Koko and Associates — Gulf Drive Cafe — received the largest loan in the city, valued at $350,000-$1 million.

Five others, including the Bridge Tender Inn and Wicked Taco, received $150,000-$350,000 loans.

Holmes Beach businesses secured eight large loans, collecting $2 million-$5.4 million.

Four Holmes Beach businesses, including LaPensee Plumbing and Florida Gulf Coast Vacation Homes, received $350,000-$1 million loans through the program. Another four loans were valued at $150,000-$350,000.

 

Less than $150,000

For loans less than $150,000, the SBA did not identify businesses by name but provided amounts and other details.

Island businesses received 194 smaller loans totaling $7,324,912.

Businesses in Anna Maria received the smallest portion of this loan category — $1,906,331 in 53 loans, including the smallest loan, $1,441 to a limited liability company based in the city.

Bradenton Beach businesses received fewer loans than Anna Maria, with 47 in tow, but also received a slightly larger distribution of funds —$2,061,337.

Holmes Beach businesses received the largest slice of the small loans, 94 loans at a total value of $3,357,243.

In total, island businesses collected $15,774,912-$29,474,912 in loans through the PPP, according to the SBA spreadsheets.

As of July 18, $518 billion had been lent under the PPP and $112 billion remained unspent.

The SBA is accepting new applications through Aug. 8.

The media suit for federal records is still pending. It seeks the release of all PPP recipients and the loan amounts they received.

Islander editor Lisa Neff contributed to this report.