PPP Loans Benefited Montgomery Village Businesses

Montgomery Village MD

21 July, 2021

10:14 AM

Description

MONTGOMERY VILLAGE, MD — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Montgomery Village. 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 Montgomery Village businesses that benefited from the program according to the SBA. Check here for a full, searchable database. TWP ENTERPRISES, INC. Gaithersburg, MD, 20879 Approval amount: $5,462,500 Jobs reported: 452 COMMUNITY SERVICES FOR AUTISTIC ADULTS AND CHILDREN, INC. Montgomery Village, MD, 20886 Approval amount: $4,982,224 Jobs reported: 500 XOMETRY, INC Gaithersburg, MD, 20879 Approval amount: $4,783,207 Jobs reported: 319 CAPITOL DRYWALL, INC Gaithersburg, MD, 20879 Approval amount: $3,203,242 Jobs reported: 257 Forgiveness amount: $3,239,311 BRYANT GROUP INC. Gaithersburg, MD, 20879 Approval amount: $2,893,600 Jobs reported: 179 Forgiveness amount: $2,927,451 FITZGERALD LAKEFOREST MOTORS INC Gaithersburg, MD, 20879 Approval amount: $2,835,958 Jobs reported: 270 Forgiveness amount: $2,868,650 GLORY DAYS INC. Gaithersburg, MD, 20879 Approval amount: $2,000,000 Jobs reported: 122 CAPITOL DRYWALL INC Gaithersburg, MD, 20879 Approval amount: $2,000,000 Jobs reported: 175 MALLICK MECHANICAL CONTRACTORS INC. Gaithersburg, MD, 20879 Approval amount: $1,727,520 Jobs reported: 116 GEORGETOWN HILL CHILD CARE CENTER INC Montgomery Village, MD, 20886 Approval amount: $1,707,437 Jobs reported: 251 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].