PPP Loans Benefited Upper West Side Businesses

Upper West Side NY

21 July, 2021

4:07 PM

Description

UPPER WEST SIDE, NY — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Upper West Side. The Paycheck Protection Program started in April 2020 as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES), and was extended until May 31, 2021. There were 415,741 PPP loans approved in New York in 2021 alone, according to the Small Business Administration. The total 2021 amount approved was 22,734,700,124. Loan applications were processed through banks and other traditional lenders, with the SBA backing the resulting loans. Around $800 billion in loans were approved nationwide under the program. The loans are forgivable if borrowers meet certain criteria, including spending at least 60 percent of the money on payroll costs and maintaining employee compensation levels. Below are some Upper West Side businesses that benefited from the program according to the SBA. Check here for a full, searchable database. YOUNG MEN'S CHRISTIAN ASSOCIATION OF GREATER NEW YORK New York, NY, 10023 Approval amount: $10,000,000 Jobs reported: 500 BROADWAY GYM HOLDINGS LLC New York, NY, 10025 Approval amount: $8,474,630 Jobs reported: 500 RAMON RAMIREZ ECO CLEANERS New York, NY, 10025 Approval amount: $8,387,117 Jobs reported: 498 WILLIAM F RYAN COMMUNITY HEALTH CENTER New York, NY, 10025 Approval amount: $7,653,310 Jobs reported: 431 Forgiveness amount: $7,743,662 AMDA INC. New York, NY, 10023 Approval amount: $7,533,892 Jobs reported: 500 THE PHILHARMONIC-SYMPHONY SOCIETY OF NEW YORK, INC. New York, NY, 10023 Approval amount: $6,770,000 Jobs reported: 250 AMSTERDAM NURSING HOME CORPORATION (1992 New York, NY, 10025 Approval amount: $6,515,600 Jobs reported: 203 Undisbursed amount: $6,515,600 COLUMBIA GRAMMAR & PREPARATORY SCHOOL New York, NY, 10025 Approval amount: $6,470,600 Jobs reported: 436 Forgiveness amount: $6,545,943 ABRAHAM JOSHUA HESCHEL SCHOOL New York, NY, 10023 Approval amount: $5,445,864 Jobs reported: 365 NEW YORK PREPARATORY SCHOOL INC New York, NY, 10024 Approval amount: $4,447,355 Jobs reported: 233 Nationally, the accommodation/food service industry received the largest share of loans in 2021, with 15 percent of the total. Around 87 percent of the loans approved in 2021 were for $50,000 or less, and they accounted for a third of the total approved amount. The average loan size was $42,000. The program wasn't without controversy. Banks tended to prioritize large, established businesses, according to a New York Times analysis. Congress raised fees for small loans in December to encourage lenders to make small business loans, and rules were changed in February to allow unprofitable solo businesses to qualify. Several large companies drew public ire after it was revealed that they took PPP loans instead of relying on traditional capital-raising activities. The outcry prompted the SBA to review all loan applications over $2 million and issue guidance that the program was intended for businesses that lacked access to other cash-raising methods. Editor's note: This list was automatically generated using data from the SBA for approved loans of $150,000 or more, although some loans ultimately were not made. Business owners can contact the SBA if information about a loan isn't correct. SBA data occasionally contains duplicate entries. Other feedback can be sent to [email protected].