Government family owned ski area, other resorts get PPP loans
Posted: 07/06/2020 18:40:34 PM
An investment group led by the family of Republican Governor Chris Sununu has benefited from a program created to preserve small business jobs during the coronavirus pandemic.
Waterville Valley Holdings, which received between $ 350,000 and $ 1 million from the Paycheck Protection Program, is the primary investor in Waterville Valley Resort, a ski area where Sununu was CEO until he took office. in 2017. He retains a stake in Sununu Holdings, owner of Waterville Valley Holdings.
The governor’s legal adviser, John Formella, noted that the complex is part of an industry that has been shut down and severely affected by the pandemic. And at least five other New Hampshire ski areas or resort properties associated with them have also secured loans, according to data released Monday by the Small Business Administration.
As part of the P3, Congress created $ 659 billion in low-interest loans that will be forgiven if employers use the money for payroll, rent, and similar expenses. With an estimated $ 130 billion unclaimed as the application deadline closed on June 30, Congress extended the program until August 8. The public may never know the identity of more than 80% of the nearly 5 million beneficiaries to date, as the administration has refused to release details. on loans under $ 150,000. This secrecy sparked legal action by media outlets, including the Associated Press.
In New Hampshire, 23,829 companies received more than $ 2.5 billion. But the administration only released the names of the 3,442 people who received at least $ 150,000. The loan amount has been listed as ranges, with 14 state enterprises at the highest level of $ 5-10 million. Of this group, six are related to health care: Androscoggin Valley Hospital, Concord Regional Visiting Nurse Association, Huggins Hospital, Mental Health Center of Greater Nashua, Riverbend Community Mental Health, and Speare Memorial Hospital. The others include a cargo handling company, a propane company, an engineering firm, and a distributor of plumbing and heating supplies.
Among the ski areas, the owners of Pat’s Peak and Ragged Mountain also got at least $ 350,000 each. The McIntyre Ski Area got at least $ 150,000, as did Sunapee Resort Properties and Purity Springs Resort, home to the King Pine Ski Area.