PPP Loans Benefited Columbia Businesses

Columbia MD

21 July, 2021

10:08 AM

Description

COLUMBIA, MD — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Columbia. 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 Columbia businesses that benefited from the program according to the SBA. Check here for a full, searchable database. ACELL INC Columbia, MD, 21046 Approval amount: $9,039,785 Jobs reported: 408 Forgiveness amount: $9,123,905 FEI.COM, INC Columbia, MD, 21046 Approval amount: $8,979,065 Jobs reported: 425 Forgiveness amount: $9,073,038 HOMESIDE FINANCIAL LLC Columbia, MD, 21044 Approval amount: $5,948,200 Jobs reported: 486 G3 TECHNOLOGIES INC Columbia, MD, 21046 Approval amount: $5,674,600 Jobs reported: 260 Forgiveness amount: $5,739,275 HARKINS BUILDERS ESOP Columbia, MD, 21044 Approval amount: $4,860,630 Jobs reported: 244 Forgiveness amount: $4,916,561 TCOM, L.P. Columbia, MD, 21046 Approval amount: $4,702,700 Jobs reported: 229 Forgiveness amount: $4,753,777 ADVANTAGE ENGINEERS, LLC Columbia, MD, 21046 Approval amount: $4,376,800 Jobs reported: 208 Forgiveness amount: $4,428,349 AMERICAN WOOD FIBERS, INC. Columbia, MD, 21046 Approval amount: $4,372,550 Jobs reported: 438 RESIDENTIAL ONE LLC Columbia, MD, 21046 Approval amount: $4,000,800 Jobs reported: 409 HAVTECH INVESTMENTS LLC Columbia, MD, 21046 Approval amount: $3,909,900 Jobs reported: 193 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].