Which Wilkes-Barre Businesses Got PPP Loans

Wilkes-Barre PA

21 July, 2021

10:15 AM

Description

WILKES-BARRE, PA — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Wilkes-Barre. 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 Wilkes-Barre businesses that benefited from the program according to the SBA. Check here for a full, searchable database. MERICLE CONSTRUCTION INC Wilkes Barre, PA, 18702 Approval amount: $3,931,090 Jobs reported: 235 Forgiveness amount: $3,977,832 CHILDRENS SERVICE CENTER OF WYOMING VALLEY INC Wilkes Barre, PA, 18702 Approval amount: $3,592,600 Jobs reported: 480 Forgiveness amount: $3,632,717 BOHLIN CYWINSKI JACKSON Wilkes Barre, PA, 18701 Approval amount: $3,459,600 Jobs reported: 150 BORTON LAWSON ENGINEERING INC Wilkes Barre, PA, 18702 Approval amount: $3,325,000 Jobs reported: 163 THE WYOMING SEMINARY OF THE SUSQUEHANNA ANNUAL CONFERENCE OF Kingston, PA, 18704 Approval amount: $2,535,800 Jobs reported: 237 Forgiveness amount: $2,564,891 TRION INDUSTRIES INC Wilkes Barre, PA, 18702 Approval amount: $2,500,700 Jobs reported: 250 ALLONE HEALTH RESOURCES INC Wilkes Barre, PA, 18701 Approval amount: $2,431,460 Jobs reported: 156 Forgiveness amount: $2,459,372 MCCARTHY TIRE SERVICE COMPANY OF NORTH CAROLINA, INC. Wilkes Barre, PA, 18702 Approval amount: $2,291,979 Jobs reported: 193 Forgiveness amount: $2,318,101 FRANK MARTZ COACH CO Wilkes Barre, PA, 18702 Approval amount: $2,234,300 Jobs reported: 175 Forgiveness amount: $2,260,925 MCCARTHY TIRE SERVICE COMPANY Wilkes Barre, PA, 18702 Approval amount: $2,231,794 Jobs reported: 291 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].