PPP Loans Benefited Laurel Businesses

Laurel MD

21 July, 2021

9:58 AM

Description

LAUREL, MD — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Laurel. 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 Laurel businesses that benefited from the program according to the SBA. Check here for a full, searchable database. D.A.C. ACQUISITION COMPANY, LLC Laurel, MD, 20708 Approval amount: $9,221,000 Jobs reported: 489 Forgiveness amount: $9,326,852 KARON MASONRY OF MARYLAND, INC. Laurel, MD, 20723 Approval amount: $6,005,642 Jobs reported: 400 BUCH CONSTRUCTION, INC. Laurel, MD, 20723 Approval amount: $4,119,002 Jobs reported: 166 Forgiveness amount: $4,166,060 VYTEX CORPORATION Laurel, MD, 20723 Approval amount: $2,970,837 Jobs reported: 215 Forgiveness amount: $3,005,022 EBA ENQINEERINQ INC Laurel, MD, 20707 Approval amount: $2,858,315 Jobs reported: 181 Forgiveness amount: $2,890,970 BRAY AND SCARFF INC Laurel, MD, 20707 Approval amount: $2,741,557 Jobs reported: 237 Forgiveness amount: $2,772,277 SELECT EVENT GROUP INC Laurel, MD, 20707 Approval amount: $2,575,200 Jobs reported: 491 Forgiveness amount: $2,605,316 WARFIELD & SANFORD, INC Laurel, MD, 20707 Approval amount: $2,552,290 Jobs reported: 87 CHARLES TINI & ASSOCIATES INC. Laurel, MD, 20707 Approval amount: $2,518,063 Jobs reported: 362 Forgiveness amount: $2,546,624 ARROW INVESTMENT ADVISORS LLC Laurel, MD, 20707 Approval amount: $2,234,215 Jobs reported: 15 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].