New data shows how much cash Seattle-area tech startups received in PPP loans – GeekWire
The Small Business Administration released new data this week showing the exact amount of money companies received from the federal government’s Paycheck Protection Program.
The program, known as PPP, launched earlier this year in response to the ongoing COVID-19 crisis. It was part of the $2.2 trillion CARES Act initiative and provided forgivable loans to help businesses keep workers on their payroll. PPP distributed $525 billion across more than 5 million loans before closing in August.
GeekWire previously reported on the Seattle-area companies that landed PPP money, but the latest data release shows specific financial amounts for each loan. A judge ordered the SBA to release more PPP data after a group of news organizations filed a lawsuit under the Freedom of Information Act.
Here are the Seattle-area tech firms that landed the largest loans:
The website searchppp.com provides a searchable database of the loans. The SBA also released info on Economic Injury Disaster (EIDL) loans.
The PPP process was clouded by confusion since its inception due to shifting guidance on loan forgiveness and on what types of companies should receive loans. The average loan size was $101,000 and more than 87% were for less than $150,000. But The Washington Post reported that more than half of the PPP funding went to just 5% of the recipients, including around 600 larger companies and chains. NBCNews reported that properties owned by the Trump Organization landed funding.
There have also been a bevy of PPP-related fraud cases, including several in the Seattle region. The Justice Department said in September that it charged 57 people with trying to steal more than $175 million from the PPP, The New York Times reported.
Some startups decided to turn down their PPP loan as they questioned the ethics of venture-backed companies taking government loans when other small businesses have little to no access to additional funding sources.
More than 107,000 Washington state companies received a combined $12.4 billion in PPP loans.
Four Washington state public companies received PPP money: Marchex ($3.9 million), RealNetworks ($2.8 million), Microvision ($1.5 million), and BSQUARE ($1.5 million).
Other Seattle-area companies that landed $10 million — the maximum loan amount — include Compass Health, MOD Pizza, Parametrix, Janicki Industries, Electroimpact, Seattle Times, GLY Construction, Ocean Park Mechanical, Sellen Construction, Centerline Logistics, Mad Anthony’s, University Mechanical Contractors, Presbyterian Retirement Communities Northwest, and Northwest Restaurants.
Lawmakers this week proposed a new COVID-19 stimulus package that includes nearly $300 billion in small business aid for programs such as the PPP, but Senate Majority Leader Mitch McConnell rejected it.
Here are the other Washington state tech companies that received at least $1 million in PPP loans:
- Airbiquity ($1.2 million)
- Akvelon ($1.6 million)
- Algorithmia ($1.4 million)
- Amperity ($3.8 million) Editor’s note: A spokesperson for Amperity said the company has since repaid the loan in full.
- Bardy Diagnostics ($2.6 million)
- Bittrex ($2 million)
- Blink Interactive ($2.6 million)
- Code.org ($1 million)
- Coding Dojo ($1.3 million)
- Core Scientific ($2.1 million)
- Covestic ($3.9 million)
- DomainTools ($2.2 million) Editor’s note: A spokesperson for Amperity said the company has since repaid the loan in full.
- Endogastric Solutions ($2.1 million)
- Etailz ($2.6 million)
- Flyhomes ($2.4 million)
- Gravity Payments ($4.6 million)
- Hardsuit Labs ($1.5 million)
- Hiya ($1.5 million)
- iClick ($1.7 million)
- Inabia ($1 million)
- INRIX ($2.2 million)
- iSoftStone ($2.5 million)
- JetClosing ($1.5 million)
- Lighter Capital ($1.2 million)
- Medstreaming ($2.1 million)
- New Engen ($3.7 million)
- Ossia ($1.1 million)
- Realwear ($1.8 million)
- Redapt ($1.8 million)
- Rhapsody ($1.7 million)
- Shiftboard ($1.2 million)
- Sightlife ($2.2 million)
- SkyKick ($3.7 million)
- Smartek21 ($1 million)
- Sporcle ($1 million)
- TableSafe ($1 million)
- Tempered Networks ($1.1 million)
- The Riveter ($1.4 million)
- Unify Square ($1.3 million)
- Vix Technology ($1 million)
- Wrench ($1.5 million)
- Xealth ($1.1 million)
- Xinova ($1 million)
And here are all the Washington state companies that received at least $1 million in a PPP loan:
Editor’s note: GeekWire applied for and received a PPP loan. More here.