VI CONSORTIUM
After unrelenting pressure from key U.S. senators, the media and powerful interest groups, the Trump administration on Monday released the list of companies throughout America, including the U.S. territories, that received between $150,000 to $10 million from the Paycheck Protection Program (PPP), whose aim was to help companies keep their workers employed after the coronavirus pandemic brought the largest economy in the world to a near halt.
In the U.S. Virgin Islands, according to data provided by the Small Business Administration (SBA), 170 companies fell in the $150,000 to $10 million Category.
Among them were some of the territory’s largest firms, including PSI Tire Supply, which received between $5 million to $10 million, according to the SBA data. PSI Tire Supply was the only firm based in the U.S. Virgin Islands in the aforementioned category, making it the largest recipient of PPP funds in the territory. PSI Tire Supply, an EDA recipient, has employees throughout the United States. According to the data, the funding was used to protect 493 employees. PSI Tire Supply received the funds through the Greater Nevada Credit Union.
Right after PSI Tire Supply was Viya. The communications firm received between $2 million to $5 million through Banco Popular, making it the second largest recipient of PPP funds. The funds were used to protect 253 employees, according to the data.
Among the entities were nonprofits, including churches and schools. Antilles School Inc. in St. Thomas received between $1 million to $2 million, according to the data. Good Hope Country Day on St. Croix received between $350,000 to $1 million. The Free Will Baptist Church in Sion Hill, St. Croix, received between $150,000 to $350,000, while the Diocese of the Virgin Islands, located in St. Thomas, was the recipient of funds in the $350,000 to $1 million category as well.
In media, the Virgin Islands Daily News, listed as Daily News Publishing Co., Inc., received between $350,000 to $1 million, and the St. Croix Avis, listed as Brodhurst Printery Inc., received between $150,000 to $350,000.
Newly formed The Strategy Group, received between $350,000 to $1 million from the PPP program. Government-owned West Indian Company, called WICO, received between $350,000 to $1 million as well.
Relative to the hospitality industry, the hardest hit during the pandemic, the Buccaneer Hotel on St. Croix received between $1 million to $2 million; Emerald Beach Corp. between $350,000 to $1 million; Bolongo Bay Beach resort, listed as Harborside Corporation, received between $350,000 to $1 million.
The Consortium reported in April that luxury hotel Ritz Carlton in St. Thomas and an affiliate company that caters to upscale Caribbean travelers, took in more than $5.5 million from the federally backed funding intended for small businesses devastated by the COVID-19 crisis.
In April, Governor Albert Bryan said over 240 Virgin Islands businesses had received funds from the Paycheck Protection Program. On the list released Monday, however, are companies that received between $150,000 to $10 million. “I want to encourage all small businesses to please take advantage of this program,” Mr. Bryan said at the time.