PPP Loans Benefited Levittown Businesses

Levittown NY

21 July, 2021

10:06 AM

Description

LEVITTOWN, NY — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Levittown. 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 Levittown businesses that benefited from the program according to the SBA. Check here for a full, searchable database. UNITED NORTHERN MORTGAGE BANKERS LIMITED Levittown, NY, 11756 Approval amount: $1,549,995 Jobs reported: 109 JAB & COMPANY, INC. Levittown, NY, 11756 Approval amount: $1,448,095 Jobs reported: 124 Forgiveness amount: $1,465,046 LEVITTOWN FORD Levittown, NY, 11756 Approval amount: $1,231,460 Jobs reported: 78 Forgiveness amount: $1,245,793 TC JEEP INC Levittown, NY, 11756 Approval amount: $1,145,060 Jobs reported: 76 Forgiveness amount: $1,157,624 HUNTER BUSINESS SCHOOL INC Levittown, NY, 11756 Approval amount: $1,118,170 Jobs reported: 94 CUNEX, INC. Levittown, NY, 11756 Approval amount: $865,112 Jobs reported: 97 CARLISLE PATCHOGUE OPERATOR, INC. Levittown, NY, 11756 Approval amount: $697,905 Jobs reported: 68 Forgiveness amount: $703,010 DORTONI CREAM PUFF BAKE SHOP INC. Levittown, NY, 11756 Approval amount: $492,495 Jobs reported: 79 USPAY GROUP LLC Levittown, NY, 11756 Approval amount: $484,622 Jobs reported: 31 DORTONI CREAM PUFF BAKE SHOP, INC. Levittown, NY, 11756 Approval amount: $426,200 Jobs reported: 64 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].