PPP Loans Benefited Norton Businesses

Norton MA

21 July, 2021

9:56 AM

Description

NORTON, MA — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Norton. 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 Norton businesses that benefited from the program according to the SBA. Check here for a full, searchable database. WHEATON COLLEGE-SBA SMALL 7A TERM Norton, MA, 02766 Approval amount: $6,500,042 Jobs reported: 465 THE CONVERTIBLE CASTLE INC. Norton, MA, 02766 Approval amount: $5,137,100 Jobs reported: 452 NEW ENGLAND ICE CREAM CORPORATION Norton, MA, 02766 Approval amount: $2,028,580 Jobs reported: 195 Forgiveness amount: $2,051,063 SOUTH SHORE MILLWORK INC Norton, MA, 02766 Approval amount: $1,375,662 Jobs reported: 67 SOUTH SHORE MILLWORK INC Norton, MA, 02766 Approval amount: $1,349,770 Jobs reported: 77 Forgiveness amount: $1,347,213 MARATHON PHYSICAL THERAPY AND Norton, MA, 02766 Approval amount: $1,101,300 Jobs reported: 83 RUSTIC FIRE PROTECTION INC Norton, MA, 02766 Approval amount: $899,318 Jobs reported: 52 RUSTIC FIRE PROTECTION, INC Norton, MA, 02766 Approval amount: $899,317 Jobs reported: 52 Forgiveness amount: $906,636 NORTH COTTAGE PROGRAM,INC Norton, MA, 02766 Approval amount: $825,207 Jobs reported: 83 MARATHON PHYSICAL THERAPY AND SPORTS MEDICINE LLC Norton, MA, 02766 Approval amount: $631,405 Jobs reported: 64 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].