Payroll Protection Loans made available as part of the federal Coronavirus Aid, Relief and Economic Security Act — or CARES Act — helped provide paychecks to 1,113 workers in Anacortes, according to data available on the U.S. Small Business Administration website.
All told, 409 businesses in Anacortes received Payroll Protection Loans to help them pay employees during the pandemic-induced economic slowdown. That’s 15.7% of Anacortes businesses. According to the city finance department, there are currently 2,450 licensed businesses in Anacortes.
Data available on the SBA website lists such statistics as amount of loan, type of business, number of jobs retained and name of lender. The names of businesses were not provided, but the statistics in the report reveal something about the businesses that make up a big part of the local economy.
Of businesses receiving loans, 160 were limited liability corporations, 95 were corporations, 81 were sole proprietors, 45 were Subchapter S — or closely held — corporations, 12 were nonprofits, six were independent contractors, four were self-employed, three were partnerships and three were professional associations.
Loans ranged from $1,235 for a sole proprietor to $147,670 for a business with 18 employees. The latter number averages out to $8,203 per employee, or $2,734 per month for the three months since nonessential businesses were ordered to close to help prevent the spread of the COVID-19 virus.
Some 41 businesses identified as male-owned, 17 as female-owned, and one as veteran-owned. All others did not identify in those categories. Ten businesses identified as white-owned, five as Asian-owned, and one as Hispanic-owned; all others did not identify.
Loans ranged from $1,235 for a sole proprietor to $147,670 for a female-owned business with 18 employees.
A payroll loan helped one business retain 170 employees, according to the data. Other businesses range in size from one to 37 employees.
All told, 85,202 businesses in Washington received Payroll Protection Loans.
In addition to the Payroll Protection Loan program, the CARES Act boosted unemployment benefits by $600 per week and provided one-time economic impact payments to each household of $1,200 per adult and $500 per child.
Local governments also developed programs to assist local businesses and workers. The City of Anacortes awarded $160,000 in Community Development Block Grant funds to local businesses to help them meet the costs of restarting. And the Port of Anacortes deferred rent for its business tenants at the Anacortes Airport, Marine Terminal, and Cap Sante Marina.
“Between the marina and the Port’s upland tenants, there were 124 eligible businesses,” Port Planning Director Brenda Treadwell wrote in an email to the American. “Of that, 20 participated. The total deferred rent is $151,741.98. This can be repaid in whatever increments businesses are comfortable, without any late fees, so long as it is fully paid before Dec. 31.”
The port is proceeding with projects that Port Executive Director Dan Worra said will help stimulate the local economy by creating jobs and generating local tax revenue. Known by port officials as the “Big 4,” the projects are: A-Dock demolition and replacement, budgeted at $7 million; Quiet Cove environmental remediation, $4 million; Pier 1 piling repair, $600,000; and the repair of pilings at Curtis Wharf. The port is accepting bids on the Curtis Wharf project.