PPP Loans Benefited Quincy Businesses

Quincy MA

21 July, 2021

11:58 AM

Description

QUINCY, MA — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Quincy. 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 Quincy businesses that benefited from the program according to the SBA. Check here for a full, searchable database. BAY STATE MILLING COMPANY Quincy, MA, 2169 Approval amount: $9,649,300 Jobs reported: 500 Forgiveness amount: $9,756,896 LEE KENNEDY CO., INC. Quincy, MA, 2171 Approval amount: $5,001,005 Jobs reported: 184 Forgiveness amount: $5,059,489 SOUTH SHORE MENTAL HEALTH CENTER, INC. Quincy, MA, 2171 Approval amount: $4,900,000 Jobs reported: 490 Forgiveness amount: $4,957,167 GRANITE CITY ELECTRIC SUPPLY CO. Quincy, MA, 2169 Approval amount: $4,890,200 Jobs reported: 320 Forgiveness amount: $4,622,057 NATIONAL FIRE PROTECTION ASSOCIATION Quincy, MA, 2169 Approval amount: $4,818,900 Jobs reported: 298 Forgiveness amount: $4,870,786 FALLON SERVICE, LLC Quincy, MA, 2169 Approval amount: $4,811,765 Jobs reported: 478 DELLBROOK CONSTRUCTION, LLC Quincy, MA, 2169 Approval amount: $4,419,435 Jobs reported: 192 Forgiveness amount: $4,471,241 NEW APPLICATION N. Quincy, MA, 2171 Approval amount: $3,719,053 Jobs reported: 324 Forgiveness amount: $3,761,822 WACHUSETT VENTURES LLC Quincy, MA, 2169 Approval amount: $3,272,900 Jobs reported: 324 CASHMAN DREDGING AND MARINE CONTRACTING CO., LLC Quincy, MA, 2169 Approval amount: $3,066,442 Jobs reported: 283 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].