Which Asbury Park Businesses Got PPP Loans

Asbury Park NJ

21 July, 2021

10:14 AM

Description

ASBURY PARK, NJ — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Asbury Park. 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 153,261 PPP loans approved in New Jersey in 2021 alone, according to the Small Business Administration. The total 2021 amount approved was $8,412,871,701. 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 Asbury Park businesses that benefited from the program according to the SBA. Check here for a full, searchable database. TFC PARTNERS INC. Asbury Park, NJ, 07712 Approval amount: $7,161,500 Jobs reported: 500 ADVISORS MORTGAGE GROUP LLC Ocean, NJ, 07712 Approval amount: $4,032,800 Jobs reported: 274 SEAVIEW ORTHOPAEDIC & MEDICAL ASSOCIATES Ocean, NJ, 07712 Approval amount: $3,450,000 Jobs reported: 283 Forgiveness amount: $3,487,997 SEAVIEW ORTHOPEDICS & MEDICAL ASSOCIATES Ocean, NJ, 07712 Approval amount: $2,000,000 Jobs reported: 295 THE ARC OF MONMOUTH INC Tinton Falls, NJ, 07712 Approval amount: $1,869,092 Jobs reported: 350 Forgiveness amount: $1,879,424 HILLEL SCHOOL Ocean, NJ, 07712 Approval amount: $1,812,500 Jobs reported: 225 Forgiveness amount: $1,832,959 HILLEL SCHOOL Ocean, NJ, 07712 Approval amount: $1,774,830 Jobs reported: 273 TTI OF USA INC. Asbury Park, NJ, 07712 Approval amount: $1,726,100 Jobs reported: 84 Forgiveness amount: $1,741,659 ANSELL GRIMM & AARON, PC Ocean, NJ, 07712 Approval amount: $1,617,467 Jobs reported: 100 Forgiveness amount: $1,629,194 MADISON ASBURY RETAIL LLC Asbury Park, NJ, 07712 Approval amount: $1,377,442 Jobs reported: 300 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].