Which Lynnfield Businesses Got PPP Loans

Lynnfield MA

21 July, 2021

9:53 AM

Description

LYNNFIELD, MA — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Lynnfield. 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 Lynnfield businesses that benefited from the program according to the SBA. Check here for a full, searchable database. J.M. ELECTRICAL COMPANY, INC. Lynnfield, MA, 01940 Approval amount: $5,336,482 Jobs reported: 395 Forgiveness amount: $5,398,444 ASTADIA, INC. Lynnfield, MA, 01940 Approval amount: $2,961,312 Jobs reported: 198 Forgiveness amount: $2,995,203 MORTGAGE EQUITY PARTNERS, LLC Lynnfield, MA, 01940 Approval amount: $1,881,800 Jobs reported: 97 SILVER STAR INC Lynnfield, MA, 01940 Approval amount: $1,700,647 Jobs reported: 125 Forgiveness amount: $1,714,392 HORIZON AIR SERVICES, INC. Lynnfield, MA, 01940 Approval amount: $1,111,970 Jobs reported: 51 ANTHONY C SCOLARO AND SONS INC. Lynnfield, MA, 01940 Approval amount: $993,119 Jobs reported: 96 Forgiveness amount: $1,000,683 ANTHONY C SCOLARO AND SONS INC. Lynnfield, MA, 01940 Approval amount: $956,619 Jobs reported: 96 427 WALNUT STREET LLC Lynnfield, MA, 01940 Approval amount: $830,018 Jobs reported: 41 ADRIAN A. GASPAR & COMPANY, LLP Lynnfield, MA, 01940 Approval amount: $595,880 Jobs reported: 25 Forgiveness amount: $600,565 427 WALNUT STREET, LLC Lynnfield, MA, 01940 Approval amount: $592,800 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].