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California KPS Loan Recipients: Which companies benefit?

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California KPS Loan Recipients: Which companies benefit?

Jelly Belly, Kanye West’s Yeezy clothing company, and SETI Institute, which is looking for extraterrestrial life, is ranked among California businesses that receive millions of loans from federal coronavirus assistance programs for small businesses, according to data released by the Trump administration on Monday. .

The data revealed that the federal government distributed more than $ 68 billion to more than 580,000 California businesses in the past three months as part of the Paycheck Protection Program, which offers businesses with 500 or fewer employee loans that can be forgiven if employers meet criteria, including using money to keep pre-pandemic employees on payroll for at least eight weeks after receiving a loan.

Most – more than $ 50 billion – was given to 87,000 businesses in California that received loans of $ 150,000 or more. The largest loans, in the range of $ 5-million to $ 10-million, go to 647 businesses in the state. Manufacturing and construction companies received the highest percentage of the loan in California, but some parts of the economy were left untouched, with large loans flowing to law firms, technology companies, film studios, health care companies, farms, hotels, restaurants and even three. three-league basketball founded by rapper and actor Ice Cube.

The Trump administration’s release of more detailed data on PPP borrowers – including the identities of those who get $ 150,000 or more – comes after pressure from Democrats and various private groups demanding greater transparency from a loan program of around $ 660 billion.

But within a few hours of the release of the data, California companies denied its accuracy. Scooter company Santa Monica Bird Rides Inc. listed in the government dump data after receiving a $ 5 million to $ 10 million loan at the end of April. But in a statement, the company noted that they had never applied for or received a PPP loan, and the company’s Chief Executive Travis VanderZanden tweeted that the company was talking to his bank and investigating how it ended up on the list.

The Big 3 Ice Cube professional basketball league initially received a PPP loan of $ 1.6 million, according to a Big 3 spokesman. Three-on-three basketball leagues consist of teams of former professional basketball players and compete during the summer.

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The Los Angeles-based league returned $ 700,000 from a PPP loan after deciding in May to cancel the 2020 season because of concerns about coronavirus. The remaining $ 900,000 is used to pay more than 100 coaches, players and staff and to cover operational costs so the league can continue next year, said a Big 3 spokesman.

Peanut maker Jelly Belly Candy Co. also received PPP loans ranging from $ 5 million to $ 10 million, according to data from the Small Business Administration. The Fairfield, California company said in its statement that it applied for a loan “in good faith” and fulfilled all US Treasury requirements.

Jelly Belly said the money was used to retain employees and that without loans, companies must “reduce the number of employees” at the start of the pandemic. The money helped maintain 500 jobs, according to SBA data.

Food and hospitality companies, which make businesses stop suddenly when home stay orders take effect in late March and global tourism is slowing, are also a large part of California loan recipients.

The Belvedere Hotel Partnership, which operates the luxurious Peninsula Beverly Hills Hotel, confirmed that the company requested and received funding from the PPP program in the range of $ 5 million to $ 10 million. “We use a large portion of the PPP funds to benefit our employees directly, with the remainder for business purposes permitted under PPP guidelines,” the company said in a statement.

Other leading companies that receive millions of loans, according to the data, include the online custom gift market Zazzle, Aladdin Bail Bonds, Jukin Media, who benefit from rights to online viral videos, and Cacique, a cheese and meat company based in Monrovia. Some non-profit organizations also receive loans in the range of $ 5 million to $ 10 million: several Planned Parenthood health centers, the Huntington Library and Museum in San Marino, and a number of religious organizations, such as the Catholic Diocese of San Bernardino.

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An initial $ 350 billion PPP fund was drained in about two weeks, and it was revealed that several large and public companies took advantage of the program, effectively closing more small entrepreneurs in need until the program was replenished by Congress. President Trump signed a law extending the application deadline from 30 June to 8 August on Saturday.

The Financial and Small Business Administration does not provide a list of all borrowers who have returned or canceled PPP loans, but a senior administration official said more than $ 30 billion in funds had been returned or canceled, including the Los Angeles Lakers and the national food service chain Potbelly and Shake Shack.

After criticism, administrative officials tightened regulations that channel more funds to small businesses. The average size of a PPP loan has dropped to around $ 107,000 from almost double in mid-April. About $ 132 billion in PPP funding is still available.

Statistics released Monday, however, do not provide direct light on how well PPP funds are being distributed to minority businesses, which have been devastated by the pandemic, according to research by economist Robert Fairlie of UC Santa Cruz. Borrower information about race and gender is voluntary, and most applicants leave the section blank.

However, in its most recent PPP summary report on approval until June 30, SBA said that 27% of KPS funds went to low and medium income census channels, in line with the overall population share in the region.

Nationally, the two business categories that receive the most and the amount of PPP funding are health services and social assistance, as well as professional and technical services. Each of them gets almost 13% of the total PPP dollars. Subsequent construction and manufacturing received 12.4% and 10.4% of the PPP funds, respectively. Businesses in food service and accommodation get around 8% of PPP dollars, and retail trade gets almost the same. Food services, however, accounted for around 7 million or almost one third of all jobs lost in March and April, and retail employment fell by 2.3 million in the two months – far more than all other major sectors except for health and social services.

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“It is good to see the data finally released in the PPP program, but frustrated because it takes so long to get out,” said Sarah Crozier, a spokesman for the Main Street Alliance, a small business advocacy group that has encouraged more transparency.

Crozier expressed disappointment that there was little demographic information about borrowers, saying it made it difficult to determine whether a minority owned business received a proportionate share of funds.

Times staff writer Hugo Martín contributed to this report.

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Portuguese historical films will premiere on 29 December.

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Portuguese historical films will premiere on 29 December.

Method Media Bermuda will present the documentary FABRIC: Portuguese History in Bermuda on Thursday, December 29 at the Underwater Research Institute of Bermuda.

A spokesperson said: “Method Media is proud to bring Bermuda Fabric: Portugal History to Bermuda for its 5th and 6th showing at the Bermuda Underwater Observatory. In November and December 2019, Cloth: A Portuguese Story in Bermuda had four sold-out screenings. Now that Bermuda has reopened after the pandemic, it’s time to bring the film back for at least two screenings.

“There are tickets Ptix.bm For $ 20 – sessions at 15:30 and 18:00. Both screenings will be followed by a short Q&A session.

Director and producer Milton Raboso says, “FABRIC is a definitive account of the Portuguese community in Bermuda and its 151 years of history, but it also places Bermuda, Acors and Portugal in the world history and the events that have fueled those 151 years.

“It took more than 10 years to implement FABRIC. The film was supported by the Minister of Culture, the Government of the Azores and private donors.

Bermuda Media Method [MMB] Created in 2011 by producer Milton Raposo. MMB has created content for a wide range of clients: Bermuda’s new hospital renovation, reinsurance, travel campaigns, international sports and more. MMB pays special attention to artistic, cultural and historical content.

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CRISTANO RONALDO CAN MAKE UP A GIANT IN CARIOCA AND PORTUGUESE TECHNICIAN SAYS ‘There will be room’

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CRISTANO RONALDO CAN MAKE UP A GIANT IN CARIOCA AND PORTUGUESE TECHNICIAN SAYS 'There will be room'

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Maestro de Braga is the first Portuguese in the National Symphony Orchestra of Cuba.

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Maestro de Braga is the first Portuguese in the National Symphony Orchestra of Cuba.

Maestro Filipe Cunha, Artistic Director of the Philharmonic Orchestra of Braga, has been invited to conduct the Cuban National Symphony Orchestra, as announced today.

According to a statement sent by O MINHO, “he will be the first Portuguese conductor to conduct this orchestra in its entire history.”

In addition to this orchestra, the maestro will also work with the Lyceo Mozarteum de la Habana Symphony Orchestra.

The concerts will take place on 4 and 12 March 2023 at the National Theater of Cuba in Havana.

In the words of the maestro, quoted in the statement, “these will be very beautiful concerts with difficult but very complex pieces” and therefore he feels “very motivated”.

From the very beginning, Rachmaninoff’s Piano Concerto No. 2 will be performed by an Italian pianist (Luigi Borzillo), whom the maestro wants to bring to Portugal later this year. In the same concert, Mendelshon’s First Symphony will be performed.

Then, at the second concert, in the company of the Mexican clarinetist Angel Zedillo, he will perform the Louis Sfora Concerto No. 2. In this concert, the maestro also conducts Tchaikovsky’s Fifth Symphony.

“This is an international recognition of my work. An invitation that I accept with humility and great responsibility. I was surprised to learn that I would be the first Portuguese member of the Cuban National Symphony Orchestra. This is a very great honor,” the maestro said in a statement.

“I take with me the name of the city of Braga and Portugal with all the responsibility that goes with it, and I hope to do a good job there, leaving a good image and putting on great concerts. These will be very special concerts because, in addition to performing pieces that I love, especially Rachmaninov and Tchaikovsky, I will be directing two wonderful soloists who are also my friends. It will be very beautiful,” concludes Filipe Cunha.

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