Even Hawaii’s Smallest Businesses Have Been Helped By Federal CARES Act Loans…Paycheck Protection Program has steered $2.5 billion in relief to 25,000 small businesses in Hawaii.
For Ty Gurney, owner of his namesake surf school on Lewers Street in Waikiki, there’s been at least one bright spot in a tough year. Like thousands of Hawaii businesses, Gurney tapped into the U.S. Small Business Administration’s Paycheck Protection Program, which essentially provided free cash to thousands of small businesses.
As the curtain closes on 2020, the SBA has finally released details of the smallest loans, which went to companies like Gurney’s.
Altogether some $2.5 billion went to 25,010 businesses, according to the SBA’s PPP database. That included some big loans to major players: FCH Enterprises, owner of Zippy’s restaurants, got the maximum $10 million, for instance, and so did Kyo-ya Hotels & Resorts, which owns the Moana Surfrider Hotel, Royal Hawaiian Hotel, Sheraton Waikiki Hotel, Sheraton Princess Kaiulani Hotel and Sheraton Maui Resort & Spa.
