Which Bowie Businesses Got PPP Loans

Bowie MD

21 July, 2021

9:58 AM

Description

BOWIE, MD — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Bowie. 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 Bowie businesses that benefited from the program according to the SBA. Check here for a full, searchable database. DISTINCTIVE HOME CARE INC Bowie, MD, 20721 Approval amount: $4,306,015 Jobs reported: 400 Forgiveness amount: $4,354,738 RRR BOWIE LLC Bowie, MD, 20716 Approval amount: $2,854,500 Jobs reported: 245 Forgiveness amount: $2,886,930 INSIGHT TECHNOLOGY SOLUTIONS INC. Bowie, MD, 20715 Approval amount: $2,778,610 Jobs reported: 175 COLLINGTON EPISCOPAL LIFE CARE COMMUNITY, INC. Mitchellville, MD, 20721 Approval amount: $2,469,000 Jobs reported: 250 IMMACULATE HEALTHCARE SERVICES INC Bowie, MD, 20720 Approval amount: $2,411,900 Jobs reported: 500 INTERNATIONAL MASONRY TRAINING AND EDUCATION FOUNDATION Bowie, MD, 20715 Approval amount: $1,571,200 Jobs reported: 125 Forgiveness amount: $1,587,741 ARDMORE ENTERPRISES INC Bowie, MD, 20721 Approval amount: $1,492,500 Jobs reported: 100 ELECTRICAL TRAINING ALLIANCE Bowie, MD, 20715 Approval amount: $1,420,841 Jobs reported: 51 Forgiveness amount: $1,436,391 BEN DYER ASSOCIATES, INC. Mitchellville, MD, 20721 Approval amount: $1,225,329 Jobs reported: 79 Forgiveness amount: $1,237,817 DARCARS OF BOWIE INC Bowie, MD, 20716 Approval amount: $1,072,053 Jobs reported: 81 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].