Four Kent businesses received between $5 million and $10 million loans from the U.S. Small Business Administration (SBA) under the Paycheck Protection Program (PPP).
The four businesses were Holmes Electric, Kubrat LLC, Novinium Inc., and Therapeutic Associates, Inc. The SBA didn’t release specific loan amounts but rather a range of dollars to help companies combat the economic impact of COVID-19.
A few businesses listed how many jobs were retained with the funds. Novinium, a underground power expert that partners with utility companies, reported it retained 267 jobs. Kubrat retained 12 jobs. Holmes Electric, an electrical contractor and Therapeutic Associates, a physical therapy business whose administrative officers are in Kent, did not report the number of jobs retained.
The loans do not require repayment if borrowers spend most of the funds to cover payroll. The SBA, in most cases, considers a small business as 500 or fewer employees.
“The PPP is providing much-needed relief to millions of American small businesses, supporting more than 51 million jobs and over 80 percent of all small business employees, who are the drivers of economic growth in our country,” said U.S. Secretary of the Treasury Steven T. Mnuchin in a news release. “We are particularly pleased that 27% of the program’s reach in low and moderate income communities which is in proportion to percentage of population in these areas.
“The average loan size is approximately $100,000, demonstrating that the program is serving the smallest of businesses. Today’s (July 6) release of loan data strikes the appropriate balance of providing the American people with transparency, while protecting sensitive payroll and personal income information of small businesses, sole proprietors and independent contractors.”
Twenty Kent businesses received loans between $2 million and $5 million. Thirty-eight companies received between $1 million and $2 million. Another 155 Kent businesses received between $350,000 to $1 million and an additional 155 received between $150,000 and $350,000. The SBA didn’t release names of businesses that received $150,000 or less.
“The PPP is an indisputable success for small businesses, especially to the communities in which these employers serve as the main job creators,” said SBA Administrator Jovita Carranza. “In three months, this administration was able to act quickly to get funding into the hands of those who faced enormous obstacles as a result of the pandemic. Today’s data shows that small businesses of all types and across all industries benefited from this unprecedented program. The jobs numbers released last week reinforce that PPP is working by keeping employees on payroll and sustaining millions of small businesses through this time.”
Kent PPP loans
Business name/Address zip/Business type/Jobs retained
$5 to $10 million
HOLMES ELECTRIC COMPANY 600 Washington Ave South 98032 Corporation 0
KUBRAT07 LLC 21020 84TH AVE S 98032 Limited Liability Company(LLC) 12
NOVINIUM INC 22820 Russell Road 98032 Corporation 267
THERAPEUTIC ASSOCIATES INC 20829 72ND AVE S, Ste 710 98032 Corporation 0
$2 to $5 million
ALCO INVESTMENT COMPANY 27402 72ND AVE S 98032 Subchapter S Corporation 331
BARGHAUSEN CONSULTING ENGINEERS INC. 18215 72nd Avenue South 98032 Corporation 175
FAWCETT PAINTING, INC. 8260 S 192nd St 98032 Subchapter S Corporation 111
FLOFORM COUNTERTOPS LLC 22445 76TH AVE S 98032 Limited Liability Company(LLC) 249
HARBOR FOODSERVICE OF SEATTLE LLC 18430 East Valley Hwy 98032 Limited Liability Company(LLC) 208
INSULATION CONTRACTORS, INC. 22706 58TH PL S 98032 Subchapter S Corporation 0
KELLEY IMAGING SYSTEMS INC 22710 72nd Ave South 98032 Corporation 200
KEY MECHANICAL CO.OF WASHINGTON 19430 68th Ave S 98032 Corporation 203
LONG PAINTING COMPANY 21414 68th Avenue South 98032 Corporation 68
MAC & CO. 19215 66TH AVE S 98032 Corporation 0
PETROCARD, INC. 730 Central Ave S 98032 Corporation 162
POULSBO RV INC 23051 Military Rd S 98032 Corporation 235
PRECISION AEROSPACE PRODUCTS, LLC 5802 S 228th St 98035 Limited Liability Company(LLC) 125
PUGET SOUND PIPE AND SUPPLY COMPANY 7816 SOUTH 202ND STREET 98032 Subchapter S Corporation
SEA-TAC ELECTRIC, INC. 7056 S 220TH ST 98032 Subchapter S Corporation 0
SHINN MECHANICAL, INC. 18802 80TH AVE SOUTH 98032 Subchapter S Corporation 0
T & A SUPPLY COMPANY, INC. 6807 South 216TH ST 98032 Cooperative 0
THE BOXMAKER, INC. 6230 S. 190th Street 98032 Subchapter S Corporation 0
TRI-MED AMBULANCE, LLC 18821 East Valley Highway 98032 Limited Liability Company(LLC) 239
WESTERN INTEGRATED TECHNOLOGIES INC 7651 South 190th 98032 Corporation 0
Note: Some businesses did not list the number of jobs retained, which shows as a 0.
For a complete list of Kent companies, click here for the SBA website and search for Kent.