Florida Keys PPP Picture Sharpens as Fraud Probes Continue
As federal investigations persist, consolidated SBA data show tourism conglomerates dominated pandemic relief in Monroe County.
As the federal government continues to investigate and prosecute potential fraud tied to the Paycheck Protection Program, a clearer picture is coming into focus of which Florida Keys businesses received the largest shares of pandemic relief, with tourism conglomerates, major hospitality operators and construction firms topping the list, according to U.S. Small Business Administration data.
The Paycheck Protection Program, launched in 2020 as part of Congress’ emergency response to the COVID-19 pandemic, provided federally backed loans to businesses to cover payroll and certain operating expenses, with the loans eligible for full forgiveness if employers maintained staffing levels and used the money for approved purposes.
In Monroe County, 6,325 PPP loans totaling $334.6 million were approved, and 6,041 of those loans have been forgiven, accounting for $324.8 million — about 97% of all PPP funds issued locally — effectively converting most of the emergency assistance into taxpayer-funded grants.
The largest awards were issued as Monroe County and the City of Key West moved early to close the island chain to visitors, a decision that effectively shut down the tourism-based economy during the opening months of the pandemic and was widely criticized at the time by members of the travel, tourism and hospitality sectors, who warned the closures would have devastating economic consequences.
Public health officials estimate that at least dozens of Monroe County residents died of COVID-19 during the pandemic, with early reporting in 2021 noting at least 63 coronavirus-related deaths in the county as of late August that year, reflecting the toll of the virus on the community.
While thousands of small businesses across the Keys received relatively modest loans, SBA records show the largest PPP awards were concentrated among a small number of corporate entities that received multiple seven-figure loans across different rounds of the program, particularly in tourism, hospitality, construction, transportation and utilities — the core sectors of the Florida Keys economy.
The largest single recipient, when affiliated companies are combined, was Historic Tours of America, the parent company of Old Town Trolley Tours and Tropical Shell & Gift, which together received nearly $6 million in PPP funding in Monroe County.
During the pandemic, Historic Tours of America came under fire after laying off significant numbers of employees, with some former workers and labor advocates alleging the company did not rehire certain employees or rehired others at reduced wages, even as federal payroll support was available. The company has said pandemic shutdowns, travel restrictions and the collapse of tourism forced widespread operational changes.
Top 10 PPP Recipients — Florida Keys (Monroe County)
Ranked by total PPP dollars received | Aggregated by corporate entity
Historic Tours of America / Old Town Trolley Tours / Tropical Shell & Gift — ≈ $5.97M
Spottswood Management Inc. — ≈ $4.47M
Charley Toppino & Sons Inc. — ≈ $3.09M
Hayes Robertson Group Inc. — ≈ $2.95M
Fury Management Inc. — ≈ $2.58M
Sloppy Joe’s Enterprises Inc. — ≈ $2.23M
Key Largo Hospitality Land Trust — ≈ $2.03M
The College of the Florida Keys — ≈ $1.74M
P&G Power Co. — ≈ $1.61M
CSI DMC Inc. — ≈ $1.39M
Corporate ownership explainer: why consolidation matters
Several of the largest PPP recipients in the Florida Keys appear as separate companies in SBA databases but operate under common corporate ownership, a structure that can obscure the true scale of federal aid unless entities are consolidated.
Historic Tours of America is the parent of Old Town Trolley Tours and Tropical Shell & Gift, each of which received separate PPP loans but together form a single corporate operation that emerged as the largest PPP beneficiary in Monroe County when aggregated.
Spottswood Management Inc. operates multiple hotels, restaurants and hospitality properties in Key West and received multiple large loans tied to distinct payroll periods or affiliated operations.
Charley Toppino & Sons and Hayes Robertson Group also received multiple loans connected to different payroll cycles or business units within their corporate structures.
SBA records list loans by legal business name, not by parent company, meaning corporate families can appear fragmented unless ownership relationships are examined. Inclusion in PPP data does not imply wrongdoing.
PPP fraud investigations continue nationwide
Federal authorities continue to investigate and prosecute alleged fraud connected to the Paycheck Protection Program, with cases involving false payroll claims, inflated employee counts and misuse of funds for non-authorized purposes.
The U.S. Department of Justice and the SBA’s Office of Inspector General have said PPP enforcement remains ongoing, even years after the program ended. Nationwide, prosecutors have charged thousands of defendants and recovered billions of dollars.
Appearance on the SBA’s PPP recipient list does not imply fraud or misconduct, and the vast majority of loans were issued and forgiven lawfully. Investigations typically focus on false statements or misrepresentation, not businesses that complied with program rules.