Kevin Cody

Beach Cities Paycheck Protection Program: By the numbers

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Restaurants in the Redondo Riviera Village are among the businesses benefitting from the Paycheck Protection Program loans. Photo by JP Cordero

by Kevin Cody

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:

https://home.treasury.gov/policy-issues/cares-act/assistance-for-small-businesses/sba-paycheck-protection-program-loan-level-data. ER

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

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