PPP Loans Benefited Wakefield Businesses

Wakefield MA

21 July, 2021

9:58 AM

Description

WAKEFIELD, MA — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Wakefield. 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 Wakefield businesses that benefited from the program according to the SBA. Check here for a full, searchable database. VIRTUAL INCORPORATED Wakefield, MA, 01880 Approval amount: $3,857,219 Jobs reported: 28 Forgiveness amount: $3,899,279 C-4 ANALYTICS, LLC Wakefield, MA, 01880 Approval amount: $3,054,000 Jobs reported: 204 Forgiveness amount: $3,089,630 KELMAR ASSOCIATES, LLC Wakefield, MA, 01880 Approval amount: $2,856,600 Jobs reported: 181 Forgiveness amount: $2,888,610 WISER SOLUTIONS INC Boston, MA, 01880 Approval amount: $2,123,100 Jobs reported: 98 THE BANKS SQUARE MARKET CORPORATION Wakefield, MA, 01880 Approval amount: $1,971,100 Jobs reported: 209 Forgiveness amount: $1,989,893 POWER PRODUCTS SYSTEMS, LLC Wakefield, MA, 01880 Approval amount: $1,925,600 Jobs reported: 108 Forgiveness amount: $1,943,959 THE BANKS SQUARE MARKET CORP. Wakefield, MA, 01880 Approval amount: $1,923,763 Jobs reported: 177 PIONEER JANITORIAL SERVICES, INC. Wakefield, MA, 01880 Approval amount: $1,907,100 Jobs reported: 141 Forgiveness amount: $1,929,985 CARLTON NATIONAL RESOURCES INC Wakefield, MA, 01880 Approval amount: $1,853,400 Jobs reported: 64 Forgiveness amount: $1,874,930 MAXIMA CONSULTING, INC. Wakefield, MA, 01880 Approval amount: $1,764,105 Jobs reported: 89 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].