Which Glen Burnie Businesses Got PPP Loans

Glen Burnie MD

21 July, 2021

10:07 AM

Description

GLEN BURNIE, MD — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Glen Burnie. 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 Glen Burnie businesses that benefited from the program according to the SBA. Check here for a full, searchable database. MISSION BBQ MANAGEMENT, LLC Glen Burnie, MD, 21061 Approval amount: $10,000,000 Jobs reported: 500 Forgiveness amount: $10,113,699 VISION TECHNOLOGIES, INC. Glen Burnie, MD, 21061 Approval amount: $9,135,900 Jobs reported: 500 Forgiveness amount: $9,239,774 SKYLINE TECHNOLOGY SOLUTIONS, LLC Glen Burnie, MD, 21061 Approval amount: $5,217,050 Jobs reported: 295 Forgiveness amount: $5,276,224 APT MANAGEMENT Glen Burnie, MD, 21061 Approval amount: $4,103,437 Jobs reported: 311 Forgiveness amount: $4,148,631 MCLEAN CONTRACTING COMPANY Glen Burnie, MD, 21060 Approval amount: $3,941,393 Jobs reported: 294 Forgiveness amount: $3,985,990 GLADDING CHEVROLET, INC. Glen Burnie, MD, 21061 Approval amount: $2,513,163 Jobs reported: 188 Forgiveness amount: $2,541,646 BELLO MACHRE INC Glen Burnie, MD, 21060 Approval amount: $2,263,700 Jobs reported: 345 Forgiveness amount: $2,289,481 TRAVEL ADVANTAGE NETWORK, INC. Glen Burnie, MD, 21061 Approval amount: $2,149,902 Jobs reported: 192 Forgiveness amount: $2,174,346 H & M WAGNER & SONS, INC Glen Burnie, MD, 21061 Approval amount: $2,004,832 Jobs reported: 182 BOB BELL FORD Glen Burnie, MD, 21061 Approval amount: $1,992,950 Jobs reported: 173 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].