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Seven OC public companies received about $35 million in SBA loans under the Paycheck Protection Program, according to Securities and Exchange Commission filings and news reports.
The lending aid was part of two federal stimulus and support packages passed in recent weeks; funds available for borrowing totaled about $660 billion.
Local firms with loans included
• Telematics provider CalAmp Corp. (CAMP) in Irvine with about $10 million;
• Costa Mesa software maker Veritone, Inc. (VERI), $6.5 million;
• Kura Sushi USA Inc. (KRUS), a restaurant chain in Irvine, $6 million;
• Tustin-based contract drugmaker Avid Bioservices Inc. (CDMO) with $4.4 million;
• Collectibles authenticator Collectors Universe Inc. (CLCT) in Santa Ana, $4.2 million;
• Internet of Things peripherals maker Lantronix Inc. (LTRX) in Irvine, $2.4 million;
• Irvine-based dental laser maker Biolase Inc. (BIOL), $3 million
One company with recent ties to OC—auto industry digital marketer AutoWeb Inc., which moved its headquarters to Tampa, Fla., last year—received $1.4 million.
Kura Sushi previously said it returned the funds; its Japan-based majority shareholder opened a $20 million credit line for the U.S. operations on April 10.
Go here for more updates on how OC companies are responding to the coronavirus pandemic.
For ongoing, in-depth coverage of COVID-19’s effects on OC businesses, see the Monday print edition of the Business Journal.