PPP Loans Benefited Garden City Businesses

Garden City NY

21 July, 2021

9:53 AM

Description

GARDEN CITY, NY — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Garden City. 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 Garden City businesses that benefited from the program according to the SBA. Check here for a full, searchable database. CULLEN AND DYKMAN LLP Garden City, NY, 11530 Approval amount: $6,187,247 Jobs reported: 304 Forgiveness amount: $6,243,356 EMO-TRANS INC Garden City, NY, 11530 Approval amount: $4,853,025 Jobs reported: 326 CONTOUR MORTGAGE CORPORATION Garden City, NY, 11530 Approval amount: $4,455,000 Jobs reported: 300 TRITECH COMMUNICATIONS, INC. Garden City, NY, 11530 Approval amount: $4,125,400 Jobs reported: 185 Forgiveness amount: $4,171,514 CREATIVE FOODS CORP Garden City, NY, 11530 Approval amount: $3,745,380 Jobs reported: 500 JANOVER, LLC Garden City, NY, 11530 Approval amount: $3,307,648 Jobs reported: 157 Forgiveness amount: $3,347,356 QUEST SERVICE GROUP, LLC Garden City, NY, 11530 Approval amount: $3,188,200 Jobs reported: 317 Forgiveness amount: $3,226,458 SEVIROLI FOODS, INC. Garden City, NY, 11530 Approval amount: $3,157,500 Jobs reported: 313 LONG ISLAND PLASTIC SURGICAL GROUP PC Garden City, NY, 11530 Approval amount: $2,951,260 Jobs reported: 206 ARROW LINEN SUPPLY CO., INC. Garden City, NY, 11530 Approval amount: $2,930,300 Jobs reported: 290 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].