Which Plainview Businesses Got PPP Loans

Plainview NY

21 July, 2021

9:58 AM

Description

PLAINVIEW, NY — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Plainview. 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 Plainview businesses that benefited from the program according to the SBA. Check here for a full, searchable database. JAD TRANSPORTATION INC Plainview, NY, 11803 Approval amount: $4,411,794 Jobs reported: 436 A.S.R. ELECTRICAL CONTRACTING, INC Plainview, NY, 11803 Approval amount: $4,155,800 Jobs reported: 217 Forgiveness amount: $4,204,284 ACDS, INC. Plainview, NY, 11803 Approval amount: $3,720,175 Jobs reported: 487 VASO CORPORATION Plainview, NY, 11803 Approval amount: $3,610,900 Jobs reported: 237 Forgiveness amount: $3,653,328 COX & COMPANY, INC. Plainview, NY, 11803 Approval amount: $3,552,697 Jobs reported: 221 Forgiveness amount: $3,592,507 OZONE ACQUISITIONS, LLC Plainview, NY, 11803 Approval amount: $2,848,347 Jobs reported: 500 EAR, NOSE & THROAT ASSOCIATES OF NEW YORK, P.C. Plainview, NY, 11803 Approval amount: $2,673,900 Jobs reported: 211 Forgiveness amount: $2,705,690 COMBINED RESOURCES INTERIORS, INC Plainview, NY, 11803 Approval amount: $2,453,772 Jobs reported: 96 Forgiveness amount: $2,480,999 MID ISLAND THERAPY ASSOCIATES LLC Plainview, NY, 11803 Approval amount: $2,301,562 Jobs reported: 302 BETHPAGE MEDICAL PLLC Plainview, NY, 11803 Approval amount: $2,201,922 Jobs reported: 202 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].