The money also helped Mortgage Solutions employees adjust to working from home, which included buying computers or other equipment so everyone is prepared to continue operating at home if there is another shutdown. “Not one person in our company missed a paycheck. “The cash flow from this loan allowed us to keep people going,” said Clennan, who started the company in 1995. Clennan wasn’t sure why - he used the money to keep his 485 employees employed. The company received a loan between $5 million and $10 million, though the SBA data showed no jobs-retained number on record. Without the loan, Roy Clennan said he would have had to make some tough calls at Mortgage Solutions Financial in Colorado Springs. MORE: Here’s a list of every Colorado business that received a Paycheck Protection Program loan The museum reopened June 26 but “is at about 25% of its normal visitor capacity” due to government guidelines and after the PPP loan ran out, it did reduce some staff, museum spokeswoman Kristy Bassuener said.
The Denver Art Museum, which was closed for three months, received a $3.2 million PPP loan allowing the nonprofit to keep all 360 staff members during the closure. While few Colorado companies have yet to come forward saying they should not be on the list, the large majority of Colorado’s 104,402 loans for $10.4 billion seem to have helped the small businesses the funding was intended to help.
California scooter company Bird was on the list for a $5 million to $10 million loan but said Monday on Twitter it decided not to apply “as we did not want to divert critical funding from small and local businesses.” Some companies outside of Colorado landed on the SBA list but said they didn’t receive a loan or didn’t even apply for one. “In order to receive forgiveness they will have to show their lender how many employees they have and how much they paid them,” Chavez said. Another 1,377 did not list the number of employees they had.Ĭhavez said demographic information is voluntary and legally, federal fair lending laws have prohibited lenders from seeking these types of data.īut details on how many jobs were retained will be collected as companies request loan forgiveness. Most applicants didn’t answer the questions about the business owner’s race, gender or veteran status. There was also a lot of missing information in the SBA data. See the searchable list of Colorado companies at end of story. “I am not sure why the data does not reflect the final dispersed loan amount. Most likely the $1 is an error by the lender – (they) may have forgot some zeros, but I assume the loan amount was corrected by the lender and the amount dispersed is more that $1.” “The public data reflects approved loans, which does not mean that the loan has been disbursed or funded,” Chavez said in an email. That’s probably an error too, Chavez said. In another case, one loan to a Silverthorne business was reported at $1. The bank did not respond to questions about the error. The amount was adjusted prior to disbursement, but the new amount is not reflected in the new data. In Snappy Nails’ case, Chavez said that after some investigating, the SBA learned the larger loan amount was due to a data-entry error by the lender, Bank of the West. Pham did not respond to questions from The Colorado Sun.Ĭhristopher Chavez, a spokesman for the regional office of the SBA, said the official list of paycheck loan recipients was based on initial approvals and does not indicate the company accepted and used the money. Owner Vinh Pham spoke to 9News reporter Steve Staeger and said the loans were less than $100,000.
$1 loans? $10 million for a nail salon? Colorado's federal coronavirus loan data has some eye-popping errors - The Colorado Sun CloseĪn employee who answered the phone Tuesday at the Snappy Nails in Broomfield said the company did get a PPP loan, but for much less.
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