EDC Analysis of PPP Loan Data for San Juan County Businesses

On Mon­day July 6 ‚2020, the U.S. Small Busi­ness Asso­ci­a­tion (SBA) announced the release of detailed loan-lev­el data regard­ing the loans made under the Pay­check Pro­tec­tion Pro­gram (PPP).  This pro­gram was launched as a way to retain work­ers by pro­vid­ing fund­ing to busi­ness­es impact­ed by the Covid-19 down­turn.  Our local banks, the EDC and oth­er enti­ties worked hard to ensure that our busi­ness­es had access to these funds, and fund­ing is still avail­able to inter­est­ed businesses.

The data dis­clo­sure from the SBA cov­ers 4.9 mil­lion PPP loans made to busi­ness­es and non­prof­its.  This release of data was made in 2 parts; loans over $150,000 includ­ed the name of the busi­ness but only a loan range rather than a spe­cif­ic dol­lar amount. Loans under $150,000 did not include the busi­ness name but show an exact loan amount.  This data does not reflect any con­ver­sion of PPP loans to grants as the SBA has yet to begin accept­ing for­give­ness applications.

The San Juan Coun­ty Eco­nom­ic Devel­op­ment Coun­cil (EDC) has done its own analy­sis of the data and found that San Juan Coun­ty busi­ness­es received between $27,397,357 and $41,347,357 in PPP loan funds, which con­tributed to the reten­tion of 1,949 jobs coun­ty-wide, as follows:

Jobs retained island-by-island:

• San Juan: 785
• Orcas:  999
• Lopez: 136
• Shaw:  28
• Blake­ly: 1
• Wal­dron: 0

Total jobs retained through PPP pro­gram:  1,949

The over-$150K loans are only report­ed as ranges and not exact fig­ures, as fol­lows:  $150,000-$350,000; $350,000-$1,000,000; $1,000,000–2,000,000.   The EDC com­bined the exact num­bers of loans under $150K and the min­i­mum and max­i­mum of the ranges of loan dol­lars over-$150K to esti­mate this wide range of total loan dol­lars received.

The low range breaks down by island as fol­lows (assum­ing the over-$150K loans received the min­i­mum in their range):

• San Juan:   $14,510,780
• Orcas:  $10,675,476
• Lopez:  $1,711,315,75
• Shaw:  $463,585
• Blake­ly:  $36,200
• Wal­dron:  $0.00

Total:  $27,397,357

The high range breaks down as fol­lows (assum­ing the over-$150K loans received the max­i­mum in their range):

• San Juan:  $21,810.780
• Orcas:  $16,475,476
• Lopez:  $1,911,315
• Shaw:  $1,113,585
• Blake­ly:  $36,200.00
• Wal­dron:  $0.00

Total:  $41,347,357.43

The SBA’s Pay­check Pro­tec­tion Pro­gram still has funds avail­able and the dead­line to apply has been extend­ed to August 8, 2020.  For fur­ther details please vis­it the SBA at www.sba.gov or con­tact your busi­ness bank directly.

For addi­tion­al infor­ma­tion please email the EDC at info@sanjuansedc.org or phone 360–378-2906.

The EDC thanks San Juan Coun­ty, the Town of Fri­day Har­bor, Val­mark, the Raynier Foun­da­tion, the San Juan Island Com­mu­ni­ty Foun­da­tion, the Port of Fri­day Har­bor, Walt Corbin, the Orcas Island Com­mu­ni­ty Foun­da­tion, Islanders Bank, Her­itage Bank, and the Wash­ing­ton State Depart­ment of Com­merce for their sup­port of EDC initiatives. 

The San Juan Coun­ty Eco­nom­ic Devel­op­ment Coun­cil (EDC) strives to strength­en and diver­si­fy the econ­o­my of San Juan Coun­ty.  We believe a strong econ­o­my builds a strong community. 

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