Which Milford Businesses Got PPP Loans

Milford NH

21 July, 2021

11:57 AM

Description

MILFORD, NH — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Milford. 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 16,617 PPP loans approved in New Hampshire in 2021 alone, according to the Small Business Administration. The total 2021 amount approved was 1,156,553,713. 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 Milford businesses that benefited from the program according to the SBA. Check here for a full, searchable database. AIRMAR TECHNOLOGY CORP. Milford, NH, 3055 Approval amount: $4,388,005 Jobs reported: 312 ALENE CANDLES, LLC Milford, NH, 3055 Approval amount: $4,253,197 Jobs reported: 387 Forgiveness amount: $4,301,754 CIRTRONICS CORPORATION Milford, NH, 3055 Approval amount: $2,926,900 Jobs reported: 205 Forgiveness amount: $2,961,702 JP PEST SERVICES, LLC Milford, NH, 3055 Approval amount: $2,478,750 Jobs reported: 177 Forgiveness amount: $2,507,806 CIRTRONICS CORPORATION ESOP PLAN Milford, NH, 3055 Approval amount: $2,000,000 Jobs reported: 198 CHAPPELL TRACTOR SALES, LLC Milford, NH, 3055 Approval amount: $1,575,200 Jobs reported: 92 Forgiveness amount: $1,584,039 CIARDELLI FUEL COMPANY INC Milford, NH, 3055 Approval amount: $933,200 Jobs reported: 72 Forgiveness amount: $940,458 INNOVAIRRE STUDIOS INC. Milford, NH, 3055 Approval amount: $837,700 Jobs reported: 50 Forgiveness amount: $845,572 TECH TRANSPORT, INC. Milford, NH, 3055 Approval amount: $761,800 Jobs reported: 50 Forgiveness amount: $768,521 FAMILY DENTAL CARE OF MILFORD Milford, NH, 3055 Approval amount: $659,687 Jobs reported: 31 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].