Which Youngstown Businesses Got PPP Loans

Youngstown OH

21 July, 2021

10:14 AM

Description

YOUNGSTOWN, OH — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Youngstown. 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 218,210 PPP loans approved in Ohio in 2021 alone, according to the Small Business Administration. The total 2021 amount approved was $9,038,248,426. 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 Youngstown businesses that benefited from the program according to the SBA. Check here for a full, searchable database. SCHWEBEL BAKING COMPANY Youngstown, OH, 44502 Approval amount: $10,000,000 Jobs reported: 500 Forgiveness amount: $10,114,444 BRILEX TECH SERVICES, INC. Youngstown, OH, 44502 Approval amount: $4,123,600 Jobs reported: 245 Forgiveness amount: $4,170,563 BRILEX TECH SERVICES INC. Youngstown, OH, 44502 Approval amount: $2,000,000 Jobs reported: 217 SCHWEBEL BAKING COMPANY OF PA, INC Youngstown, OH, 44502 Approval amount: $1,767,000 Jobs reported: 107 Forgiveness amount: $1,787,321 YOUNGSTOWN AREA JEWISH FEDERATION Youngstown, OH, 44504 Approval amount: $1,705,600 Jobs reported: 184 MARUCCI AND GAFFNEY EXCAVATING COMPANY Ypoungstown, OH, 44502 Approval amount: $1,576,500 Jobs reported: 82 Forgiveness amount: $1,589,594 PARK VISTA SNF OPS, LLC Youngstown, OH, 44504 Approval amount: $1,469,554 Jobs reported: 225 INDUSTRIAL MILL MAINTENANCE INC Youngstown, OH, 44506 Approval amount: $1,356,707 Jobs reported: 121 MARUCCI AND GAFFNEY EXCAVATING CO Youngstown, OH, 44502 Approval amount: $1,240,829 Jobs reported: 72 MISSOURI DOOR COMPANY INC Youngstown, OH, 44502 Approval amount: $1,182,715 Jobs reported: 44 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].