PPP Loans Benefited Wellesley Businesses

Wellesley MA

21 July, 2021

9:55 AM

Description

WELLESLEY, MA — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Wellesley. 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 Wellesley businesses that benefited from the program according to the SBA. Check here for a full, searchable database. MALONEY PROPERTIES. INC. Wellesley Hills, MA, 02481 Approval amount: $4,990,000 Jobs reported: 435 AMERICAN BILTRITE INC. Wellesley Hills, MA, 02481 Approval amount: $3,174,065 Jobs reported: 346 Forgiveness amount: $3,208,363 REDPOINT GLOBAL INC. Wellesley Hills, MA, 02481 Approval amount: $2,814,500 Jobs reported: 112 Forgiveness amount: $2,847,101 REDPOINT GLOBAL INC. Wellesley, MA, 02482 Approval amount: $2,000,000 Jobs reported: 114 PERFORMANCE HEALTHCARE SERVICES INC Wellesley Hills, MA, 02481 Approval amount: $1,778,850 Jobs reported: 390 Forgiveness amount: $1,792,340 RENAISSANCE ALLIANCE INSURANCE SERVICES, LLC Wellesley, MA, 02482 Approval amount: $1,778,600 Jobs reported: 81 Forgiveness amount: $1,798,313 NEW TSI MA HOLDING LLC Wellesley, MA, 02482 Approval amount: $1,732,458 Jobs reported: 410 NAI ENTERPRISES INC Wellesley Hills, MA, 02481 Approval amount: $1,395,000 Jobs reported: 115 Forgiveness amount: $1,411,546 COMELLA'S RESTAURANT HOLDINGS LLC Wellesley, MA, 02481 Approval amount: $1,354,356 Jobs reported: 85 ELIZABETH SETON RESIDENCE, INC. Wellesley, MA, 02481 Approval amount: $1,321,080 Jobs reported: 106 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].