Which North Reading Businesses Got PPP Loans

North Reading MA

21 July, 2021

11:57 AM

Description

NORTH READING, MA — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in North Reading. 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 North Reading businesses that benefited from the program according to the SBA. Check here for a full, searchable database. COLUMBIA CONSTRUCTION COMPANY North Reading, MA, 1864 Approval amount: $3,576,170 Jobs reported: 147 Forgiveness amount: $3,610,364 ELECTRICAL DYNAMICS INC North Reading, MA, 1864 Approval amount: $1,772,000 Jobs reported: 83 Forgiveness amount: $1,783,715 LOWN ACQUISITION, LLC North Reading, MA, 1864 Approval amount: $1,487,190 Jobs reported: 262 ELECTRICAL DYNAMICS INC. North Reading, MA, 1864 Approval amount: $1,391,550 Jobs reported: 126 MOYNIHAN NORTH READING LUMBER INC North Reading, MA, 1864 Approval amount: $1,330,600 Jobs reported: 102 NGP MANAGEMENT, LLC. North Reading, MA, 1864 Approval amount: $1,279,370 Jobs reported: 72 DEC-TAM CORPORATION North Reading, MA, 1864 Approval amount: $908,295 Jobs reported: 58 Forgiveness amount: $915,688 KITTY'S RESTAURANT & LOUNGE INC. North Reading, MA, 1864 Approval amount: $805,979 Jobs reported: 49 DEC-TAM North Reading, MA, 1864 Approval amount: $798,672 Jobs reported: 52 Forgiveness amount: $801,001 ALBERT F. FITZGERALD, INC North Reading, MA, 1864 Approval amount: $760,100 Jobs reported: 48 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].