Which Brockton Businesses Got PPP Loans

Brockton MA

21 July, 2021

11:58 AM

Description

BROCKTON, MA — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Brockton. 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 103,507 PPP loans approved in Massachusetts in 2021 alone, according to the Small Business Administration. The total 2021 amount approved was 6,896,694,622. 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 Brockton businesses that benefited from the program according to the SBA. Check here for a full, searchable database. OLD COLONY YOUNG MEN'S CHRISTIAN ASSOCIATION INC. Brockton, MA, 2301 Approval amount: $7,432,228 Jobs reported: 500 BROCKTON NEIGHBORHOOD HEALTH CENTER INC Brockton, MA, 2301 Approval amount: $6,226,500 Jobs reported: 484 CHURCHILL LINEN SERVICES, INC. Brockton, MA, 2302 Approval amount: $2,858,620 Jobs reported: 276 Forgiveness amount: $2,891,494 ALGAR CONSTRUCTION CORP Brockton, MA, 2301 Approval amount: $2,387,336 Jobs reported: 105 Forgiveness amount: $2,413,629 BROCKTON VISITING NURSE ASSOCIATION Brockton, MA, 2301 Approval amount: $2,380,000 Jobs reported: 145 Forgiveness amount: $2,408,163 FATHER BILL'S & MAINSPRING, INC. Brockton, MA, 2301 Approval amount: $2,107,100 Jobs reported: 250 Forgiveness amount: $2,131,449 CHURCHILL LINEN SERVICE INC Brockton, MA, 2302 Approval amount: $2,000,000 Jobs reported: 251 THE COPLEY HEALTH CARE PARTNERSHIP Brockton, MA, 2301 Approval amount: $1,862,400 Jobs reported: 173 Forgiveness amount: $1,872,022 COMMONWEALTH RADIOLOGY ASSOCIATES INC Brockton, MA, 2301 Approval amount: $1,805,887 Jobs reported: 73 INTERSTATE STAFFING INC Brockton, MA, 2301 Approval amount: $1,797,757 Jobs reported: 254 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].