Which Wilmington Businesses Got PPP Loans

Wilmington DE

21 July, 2021

10:23 AM

Description

WILMINGTON, DE — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Wilmington. 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 15,742 PPP loans approved in Delaware in 2021 alone, according to the Small Business Administration. The total 2021 amount approved was $756,466,258. 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 Wilmington businesses that benefited from the program according to the SBA. Check here for a full, searchable database. CONNECTIONS COMMUNITY Wilmington, DE, 19805 Approval amount: $10,000,000 Jobs reported: 500 IRON HILL BREWERY, LLC Wilmington, DE, 19805 Approval amount: $8,392,200 Jobs reported: 500 GT USA WILMINGTON, LLC Wilmington, DE, 19801 Approval amount: $7,028,800 Jobs reported: 500 Forgiveness amount: $7,109,487 I. D. GRIFFITH, INC. Wilmington, DE, 19801 Approval amount: $5,746,100 Jobs reported: 146 Forgiveness amount: $5,811,118 CATHOLIC DIOCESE OF WILMINGTON Wilmington, DE, 19806 Approval amount: $4,905,000 Jobs reported: 367 YMCA OF DELAWARE Wilmington, DE, 19801 Approval amount: $4,881,360 Jobs reported: 231 PETER D FURNESS ELECTRIC CO., INC. Wilmington, DE, 19802 Approval amount: $4,809,800 Jobs reported: 112 Forgiveness amount: $4,865,409 GOODWILL OF DELAWARE AND DELAWARE COUNTY Wilmington, DE, 19802 Approval amount: $4,644,900 Jobs reported: 500 Forgiveness amount: $4,698,316 MARON MARVEL BRADLEY ANDERSON &TARDY LLC Wilmington, DE, 19801 Approval amount: $3,855,829 Jobs reported: 258 Forgiveness amount: $3,899,636 MASTER DELAWARE SNF MANAGEMENT, LP Wilmington, DE, 19805 Approval amount: $3,611,349 Jobs reported: 422 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].