A number of cruise suppliers and key stakeholders in the global cruise business were awarded federal Payroll Protection Program (PPP) loans, according to recently released data from the U.S. Small Business Administration.
The PPP was aimed at small businesses and created as part of the CARES Act, which went into law at the end of March.
“The 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.” said United States Secretary of the Treasury Secretary Steven T. Mnuchin, in prepared remarks.
Under specific circumstances, the low-interest loans may be forgiven by the U.S. Federal Government.
Key Cruise-Related Loan Recipients:
- Studio Dado – $150,000 to $350,000
- Bermello, Ajamil & Partners – $2,000,000 to $5,000,000
- FCCA (Florida Caribbean Cruise Association) – $150,000 to $350,000
- Villeroy & Boch- $1,000,000 to $2,000,000
- Vikand – $150,000 to $350,000
- Tritan Software – $350,000 to $1,000,000
- Wilson Butler Architects – $350,000 to $1,000,000
- Bolidt – $350,000 to $1,000,000
- Viking Life-Saving Equipment – $1,000,000 to $2,000,000
- Cruise Trading and Service – $350,000 to $1,000,000
- Allen Marine Tours – $2,000,000 to $5,000,000
- Chesapeake Shipbuilding – $1,000,000 to $2,000,000
- Paradise Cruise Line Management – $1,000,000 to $2,000,000
- Panoff Publishing (PPI Group/Porthole Cruise Magazine) – $350,000 to $1,000,000
- Fassmer Service America – $350,000 to $1,000,000
- MNY Group (Life Floor) – $350,000 to $1,000,000
- Century Ship Service – $150,000 to $350,000
- Cruiseport Gloucester- $350,000 to $1,000,000
- International Cruise Food and Hotel Supply – $350,000 to $1,000,000
Also of note, Lindblad Expeditions was approved for a large loan but returned the PPP funds.
Updates: Fassmer Service America noted that the cruise industry represents a portion of its business run out of its Lauderhill, Florida headquarters.
