PPP Loans Benefited Arbutus Businesses

Arbutus MD

21 July, 2021

10:04 AM

Description

ARBUTUS, MD — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Arbutus. 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 111,317 PPP loans approved in Maryland in 2021 alone, according to the Small Business Administration. The total 2021 amount approved was $5,105,480,074. 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 Arbutus businesses that benefited from the program according to the SBA. Check here for a full, searchable database. M-L HOLDINGS CRANE GROUP, LLC Baltimore, MD, 21227 Approval amount: $8,769,900 Jobs reported: 404 BLIND INDUSTRIES AND SERVICES OF MARYLAND Baltimore, MD, 21227 Approval amount: $3,535,025 Jobs reported: 486 THE FIRELINE CORPORATION Halethorpe, MD, 21227 Approval amount: $3,295,800 Jobs reported: 206 BAKERY EXPRESS - MID ATLANTIC, INC. Halethorpe, MD, 21227 Approval amount: $3,227,296 Jobs reported: 408 Forgiveness amount: $3,263,636 BELTWAY INTERNATIONAL LLC Baltimore, MD, 21227 Approval amount: $3,163,300 Jobs reported: 209 Forgiveness amount: $3,200,645 MILLER LONG & ARNOLD CO INC Halethorpe, MD, 21227 Approval amount: $2,500,900 Jobs reported: 175 MCCLUNG LOGAN EQUIPMENT CO INC INC Baltimore, MD, 21227 Approval amount: $2,205,200 Jobs reported: 155 Forgiveness amount: $2,230,682 TATE ENGINEERING SYSTEMS INC Baltimore, MD, 21227 Approval amount: $2,134,100 Jobs reported: 153 Forgiveness amount: $2,157,338 MID ATLANTIC NEPHROLOGY ASSOCIATES PA Halethorpe, MD, 21227 Approval amount: $2,129,300 Jobs reported: 142 Forgiveness amount: $2,153,550 COCKEYS ENTERPRISES INC Baltimore, MD, 21227 Approval amount: $2,000,000 Jobs reported: 115 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].