There were 19 PPP loans issued in New Mexico during the week ending May 17. The average loan size in the state was between $150,000 to 350,000.
There are approximately five million approved PPP loans with a total of $517,451,965,102 set aside for funding, according to the Small Business Administration. The average loan size was around $105,000 with over 5,000 lenders currently participating in the program.
The program was slow to get off the ground when it was crushed by an onslaught of would-be applicants. Another major criticism of the program pertained to who was receiving the loans. A program that was meant for small businesses witnessed the Los Angeles Lakers receive $4.6 million from the program. The Lakers qualified for the program under the rules as written but returned the funds according to a Laker’s statement provided to news outlets.
| Recipients | Date Received | Dollar Amount Received |
|---|---|---|
| Convergenz Entertainment, LLC | 2020-05-11 | $350,000-1 million |
| New Mexico State University Foundation, Inc. | 2020-05-11 | $350,000-1 million |
| Compas Valve Repair & Roustabout Service, LLC | 2020-05-11 | $150,000-350,000 |
| Running ELK Corporation | 2020-05-11 | $150,000-350,000 |
| Advanced Tower Services, Inc. | 2020-05-12 | $150,000-350,000 |
| Joe'S Roustabout & Well Servicing Company, Ltd. | 2020-05-12 | $150,000-350,000 |
| B Holdings Management, LLC | 2020-05-13 | $1-2 million |
| Bogan Brothers Painting Company, Inc. | 2020-05-13 | $150,000-350,000 |
| Home Care Concepts, LLC | 2020-05-13 | $150,000-350,000 |
| Therapeutic Living Services, Inc. | 2020-05-13 | $150,000-350,000 |
| Advanced Communications and Electronics | 2020-05-14 | $350,000-1 million |
| ARCH Diamond, LLC | 2020-05-14 | $350,000-1 million |
| LJ Services, LLC | 2020-05-14 | $350,000-1 million |
| Sub Surface Contracting, Inc. | 2020-05-14 | $150,000-350,000 |
| Cross Connection, Inc. | 2020-05-15 | $350,000-1 million |
| Bullocks, Inc. | 2020-05-15 | $150,000-350,000 |
| CSL Las Cruces, LLC | 2020-05-15 | $150,000-350,000 |
| New Mexico Coalition of Sexual Assault Programs, I | 2020-05-15 | $150,000-350,000 |
| Cottonwood Montessori School | 2020-05-16 | $150,000-350,000 |
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