Which Baltimore Businesses Got PPP Loans

Baltimore MD

21 July, 2021

4:07 PM

Description

BALTIMORE, MD — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Baltimore. 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 Baltimore businesses that benefited from the program according to the SBA. Check here for a full, searchable database. MILES & STOCKBRIDGE P.C. Baltimore, MD, 21202 Approval amount: $8,587,972 Jobs reported: 416 Forgiveness amount: $8,685,381 WHITEFORD, TAYLOR & PRESTON, LLP Baltimore, MD, 21202 Approval amount: $6,628,400 Jobs reported: 329 CATALYST SOLUTIONS INC Baltimore, MD, 21201 Approval amount: $6,174,040 Jobs reported: 321 Forgiveness amount: $6,243,561 HORD COPLAN MACHT, INC. Baltimore, MD, 21202 Approval amount: $5,523,037 Jobs reported: 314 CHASE BREXTON HEALTH SERVICES, INC. Baltimore, MD, 21201 Approval amount: $5,489,412 Jobs reported: 430 Forgiveness amount: $5,551,375 WORLD RELIEF CORPORATION OF THE NATIONAL Baltimore, MD, 21202 Approval amount: $4,233,380 Jobs reported: 100 Forgiveness amount: $4,282,299 REGIONAL MANAGEMENT INC Baltimore, MD, 21202 Approval amount: $4,078,200 Jobs reported: 344 Forgiveness amount: $4,125,798 LEGAL AID BUREAU, INC. Baltimore, MD, 21202 Approval amount: $3,900,300 Jobs reported: 265 Forgiveness amount: $3,941,761 NATIONAL AQUARIUM INC Baltimore, MD, 21202 Approval amount: $3,770,500 Jobs reported: 375 Forgiveness amount: $3,814,489 ROMAN CATHOLIC ARCHBISHOP OF BALTIMORE Baltimore, MD, 21201 Approval amount: $3,696,553 Jobs reported: 211 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].