Skip to main content

Featured Post

Atlantic Yards/Pacific Park graphic: what's built/what's coming + FAQ (pinned post)

Yes, the U.S. Immigration Fund and other EB-5 regional centers got PPP loans

ProPublica offers a special project to track Paycheck Protection Program Loans, allowing a search of every company approved for federal loans over $150,000:
As part of the Paycheck Protection Program, the federal government provided up to $659 billion in financial support to banks to make low-interest loans to companies and nonprofit organizations in response to the economic devastation caused by the coronavirus pandemic. Search the loans approved by lenders and disclosed by the Small Business Administration (SBA).Companies and nonprofit organizations that receive PPP loans may have the loans forgiven if they meet certain criteria, including not laying off employees during an 8-week period covered by the loan. Applicants must attest in their application that the loans are necessary for their continuing operation. Note: This data includes loan applications approved by banks and submitted to the SBA. It may not reflect money distributed to, or credit used by, a given company.
(Emphasis added)

So the database includes several EB-5 loan middleman companies, or regional centers, notably Jupiter, FL-based U.S. Immigration Fund (USIF), said to get a loan of $350,000-$1 million to preserve 55 jobs. 

Oddly, the paperwork classifies the industry as "Offices of Certified Public Accountants," which is a stretch, since--as noted below--there was likely a more precise classification.

Note: I couldn't find any USIF affliates, vehicles for loans to Atlantic Yards/Pacific Park (twice) and the Nassau Coliseum, as gaining PPP loans, which makes sense, because their personnel are at USIF. 

However, Harborside Place, a mall developed by the Mastroianni family (which owns USIF), similarly got a loan of  $350,000-$1 million, to preserve 163 jobs. Again, the paperwork oddly classifies the industry as "Offices of Certified Public Accountants."

PPP for other regional centers

A few other EB-5 regional centers--as opposed to other organizations with those words in their name--got loans, notably New York City Regional Center, which organized the first of the three EB-5 fundraising rounds for Atlantic Yards. 

The loan was for $150,000-$350,000 and the industry was designated, more appropriately, as "Other Financial Vehicles."

Note that 0 jobs were reported as saved, which may seem to counteract the point of the loan--but self-employed independent contractors were eligible. Then again, NYCRC says it has nine employees.