Which Orange Businesses Got PPP Loans

Orange CT

21 July, 2021

10:08 AM

Description

ORANGE, CT — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Orange. 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 Orange businesses that benefited from the program according to the SBA. Check here for a full, searchable database. ECP-PF HOLDINGS GROUP, INC. Orange, CT, 06477 Approval amount: $5,391,850 Jobs reported: 492 Forgiveness amount: $5,453,155 SCHMITT-SUSSMAN ENTERPRISES, INC. Orange, CT, 06477 Approval amount: $3,432,100 Jobs reported: 235 Forgiveness amount: $3,473,097 DICHELLO DISTRIBUTORS, INC. Orange, CT, 06477 Approval amount: $2,636,800 Jobs reported: 153 Forgiveness amount: $2,666,780 EAGLE LEASING COMPANY Orange, CT, 06477 Approval amount: $2,416,585 Jobs reported: 137 Forgiveness amount: $2,444,040 MILESTONES BEHAVIORAL SERVICES, INC Orange, CT, 06477 Approval amount: $2,393,402 Jobs reported: 226 Forgiveness amount: $2,419,796 ECP-PF HOLDINGS GROUP INC. Orange, CT, 06477 Approval amount: $2,000,000 Jobs reported: 299 LIGHT SOURCES, INC Orange, CT, 06477 Approval amount: $1,985,024 Jobs reported: 177 DOCS MEDICAL INC. Orange, CT, 06477 Approval amount: $1,700,000 Jobs reported: 168 Forgiveness amount: $1,713,693 AURORA PRODUCTS, INC. Orange, CT, 06477 Approval amount: $1,595,990 Jobs reported: 178 Forgiveness amount: $1,607,783 PEZ MANUFACTURING CORPORATION Orange, CT, 06477 Approval amount: $1,267,910 Jobs reported: 99 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].