PPP Loans Benefited East Meadow Businesses

East Meadow NY

21 July, 2021

9:58 AM

Description

EAST MEADOW, NY — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in East Meadow. 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 East Meadow businesses that benefited from the program according to the SBA. Check here for a full, searchable database. SPROUT MORTGAGE, LLC East Meadow, NY, 11554 Approval amount: $6,175,200 Jobs reported: 387 THE NEW FULTON COMMONS CO, LLC East Meadow, NY, 11554 Approval amount: $4,233,600 Jobs reported: 312 EPIC LONG ISLAND, INC. East Meadow, NY, 11554 Approval amount: $3,361,017 Jobs reported: 500 CERTILMAN BALIN ADLER & HYMAN LLP East Meadow, NY, 11554 Approval amount: $2,904,800 Jobs reported: 159 Forgiveness amount: $2,939,819 CERTILMAN BALIN ADLER & HYMAN LLP East Meadow, NY, 11554 Approval amount: $2,000,000 Jobs reported: 149 THE NEW FULTON COMMONS CO LLC East Meadow, NY, 11554 Approval amount: $2,000,000 Jobs reported: 232 HORIZON CONTRACTING LLC East Meadow, NY, 11554 Approval amount: $1,531,625 Jobs reported: 45 Forgiveness amount: $1,548,941 HORIZON CONTRACTING LLC East Meadow, NY, 11554 Approval amount: $1,320,238 Jobs reported: 45 CARLTUN ON THE PARK LTD East Meadow, NY, 11554 Approval amount: $742,532 Jobs reported: 63 UNITED PROPERTIES CORP East Meadow, NY, 11554 Approval amount: $721,282 Jobs reported: 41 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].