Beach Cities Paycheck Protection Program: By the numbers
Restaurants in the Redondo Riviera Village are among the businesses benefitting from the Paycheck Protection Program loans. Photo by JP Cordero
Large banks, such as Bank of America, JP Morgan, and Wells Fargo, accounted for the largest number of SBA Paycheck Protection Program loans issued to Hermosa Beach, Manhattan Beach and Redondo Beach businesses over the past four months. But regional lenders, such Kinecta Federal Credit Union, Pacific Premier Bank, and Banc of California, as well as less conventional, online lenders such as Readycap Lending, and MUFG Union Bank also issued a significant number of loans.
The PPP loans are equal to 2.5 times the employers’ monthly payrolls, up to $10 million. They are intended to help businesses keep employees on their payrolls during the pandemic.
The following data was assembled from the SBA Paycheck Protection Program website. It may be accessed at:
PPP loans over $150,000
Zip codes
Hermosa Beach 90254: 69
Manhattan Beach 90266: 140
Redondo Beach 90277: 82
Redondo Beach 90278: 53
Owner’s sex
Male: 64
Female: 21
Unanswered: 256
PPP loans under $150,000
Zip codes
Hermosa Beach 90254: 695
Manhattan Beach 90266: 1,231
Redondo Beach 90277: 947
Redondo Beach 90278: 739
Owner’s sex
Male: 355
Female: 111
Unanswered: 3,144
Lenders of loans over $150,000
Number of lenders: 69
Number of loans: 341 (Loan recipients)
Top 20 lenders
| Lender | Loans issued |
| JPMorgan Chase Bank | 46 |
| Bank of America | 34 |
| Citizens Business Bank | 26 |
| Wells Fargo Bank | 17 |
| Mortgage Capital Development | 16 |
| First Choice Bank | 16 |
| Farmers & Merchants Bank | 13 |
| Kinecta FCU | 10 |
| Cross River Bank | 10 |
| Comerica Bank | 8 |
| Citibank | 7 |
| Harvest Small Business Finance | 7 |
| Zions Bank | 7 |
| Customers Bank | 6 |
| Pacific Premier Bank | 6 |
| Boston Private Bank & Trust Company | 6 |
| First Republic Bank | 6 |
| U.S. Bank, National Association | 5 |
| Bank of the West | 5 |
Lenders of loans under $150,000
Number of lenders: 161
Number of loans: 3,610
Top 15 lenders
Lender |
Loans issued |
| Bank of America | 636 |
| Wells Fargo Bank | 400 |
| WebBank | 133 |
| Customers Bank | 116 |
| Cross River Bank | 111 |
| Kinecta FCU | 109 |
| U.S. Bank | 94 |
| Citibank, N.A. | 82 |
| MUFG Union Bank | 79 |
| JPMorgan Chase Bank | 60 |
| City National Bank | 58 |
| Farmers Insurance Group | 57 |
| Readycap Lending | 55 |
| Idaho First Bank | 50 |
| Zions Bank | 50 |