The I-Team has been tracking stimulus payments authorized by the CARES Act, a $2 trillion relief program that has delivered more than $8.6 billion in unemployment payments to Ohio residents along and $519 billion to the 4.7 million borrowers nationwide who took part in PPP.
"some small business ownershave had a tough time securingáone paycheck protection loanfrom the small businessadministrationso, how did áonenorthern kentucky company winapproval for á16 ofthem?"I-TEAM REPORTER DAN MONKIS POURING THROUGH RECORDSRELEASED EARLIER THIS WEEK BYTHE S-B-A.HE EXPLAINS HOW THISHAPPENED.ááááI-TEAM BONGááááDAN GLIERIS PROUD HE KEPT 28 WORKERSBUSY MAKING GOETTA THROUGHOUTTHE CORONAVIRUSPANDEMIC."My guys work hard and I wantto keep 'em employed as muchas possible, yeah."HE DOUBTSIT WOULD HAVE BEEN POSSIBLEWITHOUT A PAYCHECK PROTECTIONLOAN."It came at the right time forus cuz things were starting towind down.
Our restauranttrade went to zero."BUT GLIERIS SKEPTICAL ABOUT THE 16SEPARATE LOANS HUNTINGTON BANKAPPROVED FOR ONE OF NORTHERNKENTUCKY'S BIGGEST COMPANIES.COLUMBIA SUSSEX CORP IS THETRI-STATE'S 15TH LARGESTPRIVATE COMPANY - ACCORDING TOTHE BUSINESS COURIER - WITH$850 MILLION IN ANNUAL REVENUEAND NEARLY 6,500EMPLOYEES."I don't think they'rehurting for capital oravailability of capital thatwas part of the whole reasonfor the PPPloan."This is Marriott CincinnatiNorth in West Chester.Columbia Sussex owns itthrough a limited liabilitycompany that was approved fora Paycheck Protection LoanApril 10.
That's according toSBA records released thisweek.
Those records also showHuntington Bank approved theloan after the companycertified that it would useproceeds to preserve 81 jobs.Let's see if we can find outhow many people are workingthere today.ALTHOUGH HEWOULDN'T TALK ON CAMERA,GENERAL MANAGER TONY PINTOSAYS EMPLOYMENT DIPPED TO 12WHEN THE PANDEMIC STARTED.IT'S BACK TO 20 NOW AND HEHOPES IT'LL REACH 100 BY THEEND OF THISYEAR."I don't know that there'sanything wrong.
But there'senough reason for beingsuspicious."GLIER DOESN'T HAVEA PROBLEM WITH THE WESTCHESTER LOAN, WHICH BROUGHTCOLUMBIA SUSSEX BETWEEN 150AND 350 THOUSAND DOLLARS.GLIERALSO DOESN'T MIND THESAME-SIZED LOAN COLUMBIASUSSEX SECURED FOR ITS MASONHOTEL, WHICH WAS INTENDED TOPRESERVE 84 JOBS.BUT GLIERRAISED AN EYEBROW WHEN HELEARNED HUNTINGTON BANKAPPROVED FIVE LOANS FORCOMPANY AFFILIATES THAT EACHCLAIMED IT WOULD RETAIN 500JOBSEXACTLY."I'd be looking real carefullyat something like that if Iwere an auditor."COLUMBIASUSSEX HAS NOT RETURNED OURCALLS.
A SPOKESPERSON FORHUNTINGTON BANK SAYS ITDOESN'T TALK ABOUT THEFINANCIAL DEALINGS OF ITSCUSTOMERS.HUNTINGTON DIDDIRECT US TO AN S-B-A FACTSHEET SAYING HOTEL AND FOODSERVICE INDUSTRIES WERE EXEMPTCERTAIN FROM RULES INTENDED TOKEEP COMPANIES WITH MORE THAN500 EMPLOYEES FROM SEEKING AP-PP- LOAN.
THE S-B-A ALSOPUBLISHED A WARNING THAT ITWOULD SCRUTINIZE LOANS TOCOMPANIES "WITH SUBSTANTIALMARKET VALUE AND ACCESS TOCAPITAL MARKETS" TO MAKE SURETHEY REALLY NEEDED THE LOANSIN QUESTION.
IT'S UNCLEAR IFTHE S-B-A APPLIED THIS RULE TOCOLUMBIA SUSSEX.
BUT THAT'STHE BOTTOM LINE FOR GOETTAMAKER DAN GLIER: JUST BECAUSEYOU CAN GET 16 LOANS DOESN'TMEAN YOUSHOULD."If you're doing that to thedetriment of those that theprogram was intended to helpthat I think is a problem."DANMONK WCPO 9 I-TEAM.ááááI-TEAMBONGáááá
Dozens of Black business owners who responded to the latest survey by the Greater Cincinnati and Northern Kentucky African American..