Four trucking-related companies received the highest $10 million grant under the Paycheck Protection Program, according to a massive amount of data released by the Small Business Administration on Tuesday evening.
The SBA has backed away from fighting a lawsuit filed by the Washington Post and other organizations that had demanded full granular disclosure of all more than $5 million in loans disbursed under the PPP. A federal court last week lifted a stay that had given the SBA time to prepare an appeal, but the stay ended Dec. 1. The data dump was the agency’s response.
Previous data did not disclose the names of recipients under $150,000. For recipients of PPP money above that amount, he only showed the range of money he received, but revealed the company name.
But with the granular data available, it shows that four businesses in three key NAICS codes received the maximum authorized loan of $10 million.
(Note: For consistency and focus, FreightWaves only looked at data for three NAICS codes: 484121, full truck; 484122, LTL; and 541614, 3PL companies.)
The four companies that got $10 million, according to the data, are Truck Centers Inc of Troy, Illinois; Acme Truck Line of Gretna, Louisiana; Central Freight Lines of Waco, TX; and Benore Logistic Systems of Erie, Michigan. Truck Centers and Acme are listed as full truckload carriers under 484121. Central Freight is an LTL carrier under 484122 and Benore is a 3PL under 541614.
Each of the four companies said 500 jobs would be protected through the loan, the maximum target under the PPP.
Publicly listed companies were not eligible for PPP loans, a rule that was not in effect when the PPP program started in April but was added later.
Four companies received loans greater than $8 million but less than $10 million: Alan Ritchey of Valley View, Texas, a TL carrier under 484121, and three 3PLs under 541614: Armada Partners of Pittsburgh, Envista of Carmel, Indiana and ODW Logistics of Columbus.
In contrast, a quick look at information on loans for businesses that got less than $150,000 reveals that many small businesses received amounts under $15,000 from the government.
The data can be found here. A word of warning: the files are large and organizing them in a readable way is not a quick process.
FreightWaves will continue to cover this story throughout the day.
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