PPP Loans Benefited Silver Spring Businesses

Silver Spring MD

21 July, 2021

10:03 AM

Description

SILVER SPRING, MD — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Silver Spring. 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 Silver Spring businesses that benefited from the program according to the SBA. Check here for a full, searchable database. INTEGRATED COMMUNITY SERVICES, INC. Silver Spring, MD, 20903 Approval amount: $4,479,990 Jobs reported: 500 ARTHRITIS & RHEUMATISM ASSOCIATES, P.C. Wheaton, MD, 20902 Approval amount: $3,246,225 Jobs reported: 256 ELITE PROTECTIVE SERVICES, INC Silver Spring, MD, 20902 Approval amount: $2,786,912 Jobs reported: 289 BARBARICUM LLC Chevy Chase, MD, 20815 Approval amount: $2,558,510 Jobs reported: 176 Forgiveness amount: $2,587,862 HUMAN SERVICE GROUP, INC. Chevy Chase, MD, 20815 Approval amount: $2,395,830 Jobs reported: 115 Forgiveness amount: $2,423,614 NATIONAL 4-H COUNCIL Chevy Chase, MD, 20815 Approval amount: $2,156,636 Jobs reported: 100 Forgiveness amount: $2,181,157 ELITE PROTECTIVE SERVICES INC. Silver Spring, MD, 20902 Approval amount: $2,000,000 Jobs reported: 195 CS-TSG WST LLC Chevy Chase, MD, 20815 Approval amount: $2,000,000 Jobs reported: 165 Undisbursed amount: $2,000,000 POLLIN MILLER HOSPITALITY STRATEGIES INC Chevy Chase, MD, 20815 Approval amount: $2,000,000 Jobs reported: 88 BALTIMORE HOTEL XLV OWNER LLC Chevy Chase, MD, 20815 Approval amount: $2,000,000 Jobs reported: 174 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].