Which Milford Businesses Got PPP Loans

Milford CT

21 July, 2021

10:09 AM

Description

MILFORD, CT — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Milford. 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 55,612 PPP loans approved in Connecticut in 2021 alone, according to the Small Business Administration. The total 2021 amount approved was $3,240,741,724. 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 Milford businesses that benefited from the program according to the SBA. Check here for a full, searchable database. EASTERN BAG AND PAPER COMPANY, INCORPORATED Milford, CT, 06460 Approval amount: $4,391,622 Jobs reported: 265 Forgiveness amount: $4,437,343 TOTAL MORTGAGE SERVICES, LLC Milford, CT, 06461 Approval amount: $4,368,400 Jobs reported: 276 Forgiveness amount: $4,419,385 ALINABAL HOLDINGS CORP Milford, CT, 06460 Approval amount: $3,735,090 Jobs reported: 232 Forgiveness amount: $3,778,405 FRONTIER HOME HEALTH AND HOSPICE LLC Milford, CT, 06460 Approval amount: $3,545,150 Jobs reported: 309 Forgiveness amount: $3,586,018 BOYS & GIRLS VILLAGE INC Milford, CT, 06461 Approval amount: $3,013,000 Jobs reported: 284 Forgiveness amount: $3,048,068 SOMERSET CAPITAL GROUP, LTD. Milford, CT, 06461 Approval amount: $2,531,400 Jobs reported: 122 Forgiveness amount: $2,560,933 BRIDGES HEALTHCARE, INC. Milford, CT, 06460 Approval amount: $2,216,397 Jobs reported: 185 SPLASH CAR WASH INC Milford, CT, 06461 Approval amount: $2,200,000 Jobs reported: 464 Forgiveness amount: $2,224,994 SILVERSKY INC Milford, CT, 06461 Approval amount: $2,060,430 Jobs reported: 115 WHEELS OF CT, INC. Milford, CT, 06461 Approval amount: $1,680,945 Jobs reported: 234 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].