Which Buffalo Businesses Got PPP Loans

Buffalo NY

21 July, 2021

10:15 AM

Description

BUFFALO, NY — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Buffalo. 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 415,741 PPP loans approved in New York in 2021 alone, according to the Small Business Administration. The total 2021 amount approved was $22,734,700,124. 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 Buffalo businesses that benefited from the program according to the SBA. Check here for a full, searchable database. FERGUSON ELECTRIC CONSTRUCTION CO., INC. Buffalo, NY, 14203 Approval amount: $10,000,000 Jobs reported: 450 Forgiveness amount: $10,115,068 NEW ERA CAP CO.,INC. Buffalo, NY, 14202 Approval amount: $8,386,131 Jobs reported: 488 Forgiveness amount: $8,482,572 HODGSON RUSS LLP Buffalo, NY, 14202 Approval amount: $6,451,700 Jobs reported: 364 Forgiveness amount: $5,936,438 PHILLIPS LYTLE LLP Buffalo, NY, 14203 Approval amount: $5,985,404 Jobs reported: 271 Forgiveness amount: $6,053,949 FREED MAXICK CPAS, P.C. Buffalo, NY, 14202 Approval amount: $5,424,742 Jobs reported: 307 Forgiveness amount: $5,486,569 EHS, INC. Buffalo, NY, 14201 Approval amount: $5,169,100 Jobs reported: 423 MOLLENBERG-BETZ INC Buffalo, NY, 14204 Approval amount: $4,617,500 Jobs reported: 173 Forgiveness amount: $4,671,012 IMAGINE STAFFING TECHNOLOGY INC Buffalo, NY, 14202 Approval amount: $4,364,065 Jobs reported: 379 10 ELLICOTT SQUARE COURT CORPORATION Buffalo, NY, 14203 Approval amount: $4,285,902 Jobs reported: 499 Forgiveness amount: $4,333,458 UNIVERSITY EMERGENCY MEDICAL SERVICES, INC Buffalo, NY, 14203 Approval amount: $4,231,995 Jobs reported: 190 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].