PPP Loans Benefited Severna Park Businesses

Severna Park MD

21 July, 2021

10:02 AM

Description

SEVERNA PARK, MD — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Severna Park. 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 Severna Park businesses that benefited from the program according to the SBA. Check here for a full, searchable database. SYSTOLIC, INC. Severna Park, MD, 21146 Approval amount: $4,464,100 Jobs reported: 205 Forgiveness amount: $327,258 GEORGE HEPBURN Severna Park, MD, 21146 Approval amount: $3,690,527 Jobs reported: 290 SEVERN SCHOOL, INC. Severna Park, MD, 21146 Approval amount: $2,634,913 Jobs reported: 204 SEVERNA PARK SUBS LLC Severna Park, MD, 21146 Approval amount: $1,981,979 Jobs reported: 264 CORELIFE ADVENTIST, LLC Severna Park, MD, 21146 Approval amount: $1,578,075 Jobs reported: 144 SEVERNA PARK SUBS, LLC Severna Park, MD, 21146 Approval amount: $1,415,485 Jobs reported: 355 Forgiveness amount: $1,425,452 SULLIVAN COVE CONSULTANTS, LLC Severna Park, MD, 21146 Approval amount: $1,050,500 Jobs reported: 55 Forgiveness amount: $306,807 G & M FOOD CORPORATION Severna Park, MD, 21146 Approval amount: $904,388 Jobs reported: 236 Forgiveness amount: $913,060 ST. JOHN THE EVANGELIST, SEVERNA PARK Severna Park, MD, 21146 Approval amount: $904,270 Jobs reported: 134 LRS FEDERAL LLC Severna Park, MD, 21146 Approval amount: $837,577 Jobs reported: 54 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].