PPP Loans Benefited Portsmouth Businesses

Portsmouth RI

21 July, 2021

9:58 AM

Description

PORTSMOUTH, RI — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Portsmouth. 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 17,282 PPP loans approved in Rhode Island in 2021 alone, according to the Small Business Administration. The total 2021 amount approved was $1,000,161,994. 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 Portsmouth businesses that benefited from the program according to the SBA. Check here for a full, searchable database. VISITING NURSE SERVICES OF NEWPORTAND BRISTOL COUNTIES Portsmouth, RI, 02871 Approval amount: $3,300,000 Jobs reported: 299 HODGES BADGE COMPANY INC Portsmouth, RI, 02871 Approval amount: $1,390,215 Jobs reported: 116 HODGES BADGE COMPANY INC Portsmouth, RI, 02871 Approval amount: $1,390,215 Jobs reported: 149 Forgiveness amount: $1,405,450 BRAND & OPPENHEIMER CO. INC. Portsmouth, RI, 02871 Approval amount: $1,227,492 Jobs reported: 129 EAST COAST LANDSCAPING AND CONSTRUCTION INC Portsmouth, RI, 02871 Approval amount: $964,317 Jobs reported: 61 Forgiveness amount: $972,112 SHEEHAN'S OFFICE PRODUCT'S INC Portsmouth, RI, 02871 Approval amount: $674,000 Jobs reported: 35 Forgiveness amount: $678,413 SHEEHAN'S OFFICE PRODUCT'S INC Portsmouth, RI, 02871 Approval amount: $671,646 Jobs reported: 34 AQUIDNECK DONUTS INC Portsmouth, RI, 02871 Approval amount: $636,401 Jobs reported: 108 CLEMENTS MARKETPLACE, INC. Portsmouth, RI, 02871 Approval amount: $630,500 Jobs reported: 155 Forgiveness amount: $634,546 NEWPORT ELECTRIC CONSTRUCTION CORP. Portsmouth, RI, 02871 Approval amount: $601,034 Jobs reported: 45 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].