PPP Loans Benefited Wallingford Businesses

Wallingford CT

21 July, 2021

10:09 AM

Description

WALLINGFORD, CT — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Wallingford. 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 Wallingford businesses that benefited from the program according to the SBA. Check here for a full, searchable database. E-J ELECTRIC T&D LLC Wallingford, CT, 06492 Approval amount: $5,504,112 Jobs reported: 207 Forgiveness amount: $5,567,409 UNITED CONCRETE PRODUCTS INC. Wallingford, CT, 06492 Approval amount: $3,730,000 Jobs reported: 230 THURSTON FOODS, INC. Wallingford, CT, 06492 Approval amount: $3,572,600 Jobs reported: 160 KAMCO SUPPLY CORP. OF NEW ENGLAND Wallingford, CT, 06492 Approval amount: $3,255,200 Jobs reported: 225 Forgiveness amount: $3,292,122 FOSDICK FULFILLMENT CORPORATION Wallingford, CT, 06492 Approval amount: $2,747,378 Jobs reported: 285 APS TECHNOLOGY INC Wallingford, CT, 06492 Approval amount: $2,700,000 Jobs reported: 242 Forgiveness amount: $2,730,625 CIDRA MINERALS PROCESSING, INC Wallingford, CT, 06492 Approval amount: $2,197,668 Jobs reported: 129 RADIOLOGY SERVICES, LLC Wallingford, CT, 06492 Approval amount: $2,183,900 Jobs reported: 196 Forgiveness amount: $2,208,850 AWARE RECOVERY CARE, INC. Wallingford, CT, 06492 Approval amount: $2,052,200 Jobs reported: 241 Forgiveness amount: $2,075,533 CIDRA MINERALS PROCESSING INC. Wallingford, CT, 06492 Approval amount: $2,000,000 Jobs reported: 82 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].