Which Summit Businesses Got PPP Loans

Summit NJ

21 July, 2021

9:53 AM

Description

SUMMIT, NJ — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Summit. 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 Summit businesses that benefited from the program according to the SBA. Check here for a full, searchable database. SIMPLICITY FINANCIAL MARKETING HOLDINGS INC. Summit, NJ, 07901 Approval amount: $5,062,705 Jobs reported: 256 OAK KNOLL SCHOOL OF THE HOLY CHILD, INC. Summit, NJ, 07901 Approval amount: $2,333,000 Jobs reported: 125 Forgiveness amount: $2,358,080 KENT PLACE SCHOOL, INC. Summit, NJ, 07901 Approval amount: $1,937,000 Jobs reported: 243 Forgiveness amount: $1,953,572 SUMMIT AREA YMCA Summit, NJ, 07901 Approval amount: $1,765,100 Jobs reported: 220 Forgiveness amount: $1,784,298 DOUGLAS MOTORS CORP. Summit, NJ, 07901 Approval amount: $1,721,320 Jobs reported: 114 COLLEGIUM HOLDINGS, INC. Summit, NJ, 07901 Approval amount: $1,414,409 Jobs reported: 66 Forgiveness amount: $1,427,623 THE SUMMIT AREA YMCA Summit, NJ, 07901 Approval amount: $1,386,300 Jobs reported: 257 SMYTHE VOLVO INC Summit, NJ, 07901 Approval amount: $1,240,712 Jobs reported: 83 SALERNO DUANE INC Summit, NJ, 07901 Approval amount: $990,857 Jobs reported: 74 SALERNO DUANE INC Summit, NJ, 07901 Approval amount: $990,857 Jobs reported: 74 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].