Which Cambridge Businesses Got PPP Loans

Cambridge MA

21 July, 2021

11:58 AM

Description

CAMBRIDGE, MA — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Cambridge. 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 Cambridge businesses that benefited from the program according to the SBA. Check here for a full, searchable database. OPHTHALMIC CONSULTANTS OF BOSTON, INC. Boston, MA, 2114 Approval amount: $6,078,087 Jobs reported: 489 MUSEUM OF SCIENCE Boston, MA, 2114 Approval amount: $4,690,935 Jobs reported: 333 UNION OF CONCERNED SCIENTIST Cambridge, MA, 2138 Approval amount: $4,380,847 Jobs reported: 231 Forgiveness amount: $4,418,206 ROBERT J. DEVEREAUX CORP. Boston, MA, 2114 Approval amount: $4,206,651 Jobs reported: 243 Forgiveness amount: $4,251,714 OXFAM-AMERICA, INC. Boston, MA, 2114 Approval amount: $4,000,000 Jobs reported: 254 Forgiveness amount: $4,044,000 BAYSTATE POOL SUPPLIES, INC. Cambridge, MA, 2138 Approval amount: $3,853,100 Jobs reported: 284 Forgiveness amount: $3,896,698 CHARLES RIVER ANALYTICS INC Cambridge, MA, 2138 Approval amount: $3,782,903 Jobs reported: 200 CBT/CHILDS BERTMAN TSECKARES INC Boston, MA, 2114 Approval amount: $3,619,647 Jobs reported: 210 SYMMES MAINI & MCKEE ASSOCIATES, INC. Cambridge, MA, 2138 Approval amount: $3,579,915 Jobs reported: 186 Forgiveness amount: $2,995,316 JOHN A PENNEY CO INC Cambridge, MA, 2139 Approval amount: $3,528,900 Jobs reported: 365 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].