Which Waltham Businesses Got PPP Loans

Waltham MA

21 July, 2021

9:59 AM

Description

WALTHAM, MA — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Waltham. 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 Waltham businesses that benefited from the program according to the SBA. Check here for a full, searchable database. NWN CORPORATION Waltham, MA, 02452 Approval amount: $9,291,000 Jobs reported: 407 Forgiveness amount: $9,398,363 THOMAS G. GALLAGHER, INC. Waltham, MA, 02452 Approval amount: $8,323,800 Jobs reported: 294 Forgiveness amount: $8,420,680 CADMUS HOLDING COMPANY, INC. Waltham, MA, 02451 Approval amount: $7,615,000 Jobs reported: 413 Forgiveness amount: $7,703,842 BOSTON IVF LLC Waltham, MA, 02451 Approval amount: $5,887,642 Jobs reported: 475 NEW ENGLAND DONOR SERVICES, INC. Waltham, MA, 02451 Approval amount: $5,151,300 Jobs reported: 250 COMMODORE BUILDERS, LLC Waltham, MA, 02451 Approval amount: $4,450,200 Jobs reported: 122 Forgiveness amount: $4,502,366 CHARLES SERVICES AND EQUIPMENT CORPORATION Waltham, MA, 02453 Approval amount: $4,041,762 Jobs reported: 64 Forgiveness amount: $4,089,820 WALDEN BEHAVIORAL CARE, INC. Waltham, MA, 02453 Approval amount: $3,595,430 Jobs reported: 428 Forgiveness amount: $3,635,579 VETERANS TRANSPORTATION LLC Waltham, MA, 02453 Approval amount: $3,449,800 Jobs reported: 275 Forgiveness amount: $3,488,740 AMPS ELECTRIC, INC. Waltham, MA, 02451 Approval amount: $3,362,500 Jobs reported: 50 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].