PPP Loans Benefited Norristown Businesses

Norristown PA

21 July, 2021

9:56 AM

Description

NORRISTOWN, PA — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Norristown. 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 179,088 PPP loans approved in Pennsylvania in 2021 alone, according to the Small Business Administration. The total 2021 amount approved was $9,958,345,781. 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 Norristown businesses that benefited from the program according to the SBA. Check here for a full, searchable database. EAGLEVILLE HOSPITAL Norristown, PA, 19403 Approval amount: $4,855,305 Jobs reported: 387 THE CHARTWELL LAW OFFICES, LLP Eagleville,, PA, 19403 Approval amount: $4,536,200 Jobs reported: 300 Forgiveness amount: $4,587,776 MEADOWS MANAGMENT, INC. Audubon, PA, 19403 Approval amount: $4,075,312 Jobs reported: 408 Forgiveness amount: $4,121,759 UNITED STATES ROOFING CORPORATION Norristown, PA, 19401 Approval amount: $3,857,900 Jobs reported: 170 DELL RETIREMENT SERVICES, INC. Audubon, PA, 19403 Approval amount: $2,353,410 Jobs reported: 425 Forgiveness amount: $2,380,103 MONTGOMERY COUNTY MH/MR Norristown, PA, 19403 Approval amount: $2,331,800 Jobs reported: 263 Forgiveness amount: $2,358,680 S.T.I. COMPUTER SERVICES, INC. Norristown, PA, 19403 Approval amount: $2,102,700 Jobs reported: 162 Forgiveness amount: $2,126,239 LAN CONNECT, INC. Norristown, PA, 19401 Approval amount: $2,087,500 Jobs reported: 115 Forgiveness amount: $2,112,092 UNITED STATES ROOFING CORPORATION Norristown, PA, 19401 Approval amount: $1,999,999 Jobs reported: 150 DELVAL EQUIPMENT CORP West Norriton, PA, 19403 Approval amount: $1,930,700 Jobs reported: 110 Forgiveness amount: $0 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].