PPP Loans Benefited Norwich Businesses

Norwich CT

21 July, 2021

11:58 AM

Description

NORWICH, CT — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Norwich. 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 Norwich businesses that benefited from the program according to the SBA. Check here for a full, searchable database. UNITED COMMUNITY AND FAMILY SERVICES, INC. Norwich, CT, 6360 Approval amount: $6,339,100 Jobs reported: 367 THE NORWICH FREE ACADEMY Norwich, CT, 6360 Approval amount: $4,512,860 Jobs reported: 324 Forgiveness amount: $4,563,923 THE ARC EASTERN CONNECTICUT Norwich, CT, 6360 Approval amount: $2,759,700 Jobs reported: 184 Forgiveness amount: $2,789,338 NORWICH INN & SPA LLC Norwich, CT, 6360 Approval amount: $1,814,110 Jobs reported: 115 NORWICH ORTHOPEDIC GROUP P C. Norwich, CT, 6360 Approval amount: $1,699,700 Jobs reported: 139 NEW LONDON COUNTY MUTUAL INSURANCE COMPANY Norwich, CT, 6360 Approval amount: $1,474,217 Jobs reported: 99 Forgiveness amount: $1,324,820 AMERICAN AMBULANCE SERVICE, INC. Norwich, CT, 6360 Approval amount: $1,401,032 Jobs reported: 148 Forgiveness amount: $1,408,862 JACC HEALTHCARE CENTER OF NORWICH, LLC Norwich, CT, 6360 Approval amount: $1,089,200 Jobs reported: 108 FIVE STAR SUPERMARKETS OF NORWICH,INC. Norwich, CT, 6360 Approval amount: $996,227 Jobs reported: 221 EASTERN CONNECTICUT HEMATOLOGY ONCOLOGY ASSOCIATES, P.C. Norwich, CT, 6360 Approval amount: $942,100 Jobs reported: 55 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].