Which Norwalk Businesses Got PPP Loans

Norwalk CT

21 July, 2021

10:05 AM

Description

NORWALK, CT — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Norwalk. 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 Norwalk businesses that benefited from the program according to the SBA. Check here for a full, searchable database. MERRITT HOSPITALITY, LLC Norwalk, CT, 06851 Approval amount: $5,392,500 Jobs reported: 316 ATLANTIC COAST ENTERPRISES, LLC Norwalk, CT, 06851 Approval amount: $4,827,730 Jobs reported: 500 Forgiveness amount: $4,882,753 KING INDUSTRIES INC Norwalk, CT, 06852 Approval amount: $4,404,371 Jobs reported: 246 STAR INC., LIGHTING THE WAY... Norwalk, CT, 06851 Approval amount: $2,155,500 Jobs reported: 247 FAMILY & CHILDREN'S AGENCY INC Norwalk, CT, 06850 Approval amount: $1,911,000 Jobs reported: 205 Forgiveness amount: $1,928,068 MAFCOTE INC. Norwalk, CT, 06851 Approval amount: $1,732,567 Jobs reported: 147 FAIRFIELD HEALTHCARE SERVICES, INC. Norwalk, CT, 06851 Approval amount: $1,713,900 Jobs reported: 283 Forgiveness amount: $1,724,418 REPRODUCTIVE MEDICINE ASSOCIATES OF CONNECTICUT PC Norwalk, CT, 06851 Approval amount: $1,652,385 Jobs reported: 120 REPRODUCTIVE MEDICINE ASSOCIATES OF CONNECTICUT, P.C. Norwalk, CT, 06851 Approval amount: $1,652,300 Jobs reported: 108 Forgiveness amount: $1,670,091 NORWALK OPERATIONS, LLC Norwalk, CT, 06851 Approval amount: $1,638,200 Jobs reported: 187 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].