Andrew Shader Explains the Influx of PPP Cash in Florida Real Estate Firms

Andrew Shader Explains the Influx of PPP Cash in Florida Real Estate Firms

Fort Lauderdale, Florida - November 20, 2022 —

During the pandemic, PPP loans infused businesses with the needed cash to stay operational. Now, borrowers are faced with repaying that money or qualifying for forgiveness. In Florida, a large portion of PPP funding went to real estate firms — the majority amongst South Florida real estate companies. Andrew Shader provides helpful insights into this funding and its distribution.

Out of all Florida counties, Broward, Miami-Dade, and Palm Beach counties received the largest amount of PPP funds. Miami Dade received the most of the three.

In total, South Florida real estate companies received $229 million in funds. This was distributed through just over 11K loans. $104 million of that went to Miami-Dade firms. Palm Beach received $67 million while Broward was loaned $58 million.

To date, $192 million of the borrowed funds have been forgiven. That’s 84%. Per the SBA, $55 million in loans have been forgiven or repaid in Palm Beach County, and $50 million in Broward. In Miami-Dade, that figure is $87 million.

There are some pertinent questions relating to these loans. First, what was done with the money? Andrew Shader explains that these loans were given to real estate agencies, developers, and a few brokerages. There was an average of three jobs created or protected with each loan. 

Who received the most money in each county? In Broward, that was Accesso Resource with a $3.6 million loan. Priderock Capital Management in Palm Beach received $4.4 million. The company receiving the most PPP funds in Miami-Dade was PRH Investments, an affiliate of Related Group. They received $4.5 million. 

Accesso and Priderock have both settled their loans. It isn’t known whether PRH has.

Despite such high numbers, the breakdown of loan funds in Miami-Dade is a bit less striking. The average loan in the county was $20K. The funds created 10,700 jobs within the county. In Palm Beach, the average loan was $22.5K and led to the creation of 5,565 jobs. 

Finally, the average real estate borrower in Broward County received $19.6K and that created 7,140 jobs.

About Andrew Shader

Andrew Shader is a real estate investor, developer, and entrepreneur. Prior to that, he worked in the health insurance industry. His passion for real estate has led him to focus his talents on finding value-added property, then using his talent to increase property values by upwards of 60%.

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