Which Weymouth Businesses Got PPP Loans

Weymouth MA

21 July, 2021

9:59 AM

Description

WEYMOUTH, MA — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Weymouth. 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 Weymouth businesses that benefited from the program according to the SBA. Check here for a full, searchable database. BREWSTER AMBULANCE SERVICE INC Weymouth, MA, 02188 Approval amount: $10,000,000 Jobs reported: 500 Forgiveness amount: $10,117,222 EDWARD G. SAWYER CO., INC. East Weymouth, MA, 02189 Approval amount: $8,500,000 Jobs reported: 325 Forgiveness amount: $8,598,274 THE VERTEX COMPANIES INC Weymouth, MA, 02189 Approval amount: $6,890,500 Jobs reported: 499 Forgiveness amount: $6,971,272 HAROLD BROTHERS MECHANICAL CONTRACTORS, INC. East Weymouth, MA, 02189 Approval amount: $4,657,000 Jobs reported: 325 Forgiveness amount: $4,711,863 ALDON ELECTRIC INC. East Weymouth, MA, 02189 Approval amount: $3,832,251 Jobs reported: 277 Forgiveness amount: $3,876,002 EYE HEALTH SERVICES, INC. East Weymouth, MA, 02189 Approval amount: $2,646,303 Jobs reported: 222 HEALTHCARE SOUTH, P.C. East Weymouth, MA, 02189 Approval amount: $2,520,400 Jobs reported: 188 Forgiveness amount: $2,549,678 BRADY ENTERPRISES, INC East Weymouth, MA, 02189 Approval amount: $2,372,200 Jobs reported: 133 ALDON ELECTRIC INC East Weymouth, MA, 02189 Approval amount: $2,000,000 Jobs reported: 175 GALE ASSOCIATES, INC. East Weymouth, MA, 02189 Approval amount: $1,893,508 Jobs reported: 100 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].