Lessors of Real Estate

Businesses and organizations in the Lessors of Real Estate industry (NAICS code 5311, part of the Real Estate and Rental and Leasing sector) received 68,539 PPP loans totaling $4.71B during the COVID-19 pandemic.

The average loan for this industry was $68,766 — above the national PPP average of approximately $67,000. This reflects the small business character of most participants in this industry, typically sole proprietors and micro-businesses with modest payroll obligations.

94.9% of loans in this industry were forgiven — totaling $4.50B. To qualify for forgiveness, borrowers had to demonstrate that they maintained headcount and compensation levels and used at least 60% of loan proceeds for payroll expenses.

Notable recipients in this industry include SAGORA SENIOR LIVING, INC of FORT WORTH, TX ($10,000,000); MIDPEN PROPERTY MNAGEMENT CORPORATION of FOSTER CITY, CA ($8,428,640); and L & L PAINTING CO INC of HICKSVILLE, NY ($7,682,351).

The loan amount distribution for this industry shows a more even spread across loan sizes, suggesting a mix of small and mid-sized businesses. Because borrower names are withheld for loans under $150,000, a substantial portion of recipients in this industry may not appear by name in this dataset.

As part of the broader Real Estate and Rental and Leasing sector — lessors of real estate and rental and leasing of tangible and intangible assets. — businesses in NAICS 5311 were particularly reliant on PPP assistance to bridge the gap between declining revenues and fixed overhead obligations during the shutdown period.