In Chatham, 60 Businesses, Not-For-Profits Benefit From PPP Loans

Chatham NJ

10 July, 2020

12:52 PM

Description

CHATHAM, NJ – The U.S. Small Business Administration and U.S. Treasury released details of the country's massive Paycheck Protection Program that helped New Jersey businesses affected by the coronavirus pandemic. In Chatham, 60 businesses, not-for-profits and other organizations benefitted from PPP loans. More than 4.9 million loans over $150,000 were made to businesses and nonprofit organizations across the country; the total amount for approved loans over that amount was more than $521 billion. Around 22,000 businesses in New Jersey were approved for loans greater than $150,000. Loans over $150,000 account for about 925,000 jobs. Below is a breakdown of the amounts approved in New Jersey: · $5 million to $10 million: 162 · $2 million to $5 million 844 · $1 million to $2 million: 1,823 · $350,000 to $1 million: 6,689 · $150,000 to $300,000: 12,339 In Chatham, the following businesses were approved for loans between $150,000 and $1 Million and the list indicates how many jobs that were re-instated for each group or business: METRIXLAB US, INC., 103NATIONAL MANUFACTURING COMPANY INC, 188BLUME FORTE FRIED ZERRES & MOLINARI PC, 62CHATHAM BATH & TENNIS, LLC, 280ALLIED DAIRY PRODUCTS, INC., 60ARGENT CONTRACTING CO., INC., 32BEM SYSTEMS INCCHATHAM, 39CELADON FINANCIAL GROUP LLC, 31CHATHAM DAY SCHOOL, 36CHATHAM SQUASH & RACQUET CLUB, 98CUTTONE & COMPANY, LLC, 21DEFALCO'S INSTANT TOWING INC., 58DREYERS LUMBER & HARDWARE CO INC, 36ECLC OF NEW JERSEY PRIDE DAY PROGRAM INC-SBA SMALL 7A TERM, 0EVOLUTION ROAD, LLC, 25FIDELITY MANAGEMENT LLC, 22INSTAT CONSULTING INC, 0INTERNATIONAL CARGO TERMINALS, 83JKNSL INC DBA RESTAURANT SERENADE, 2LIBERTY LIGHTING GROUP, 31MEYER AND ASSOCIATES, 28NEW JERSEY SPINE CENTER, P.A., 52NUKK- FREEMAN & CERRA, P.C, 42PIPE WORKS SERVICES INC., 26R. ROTONDI & SONS, INC., 28SIMONFAY LANDSCAPE SERVICES INC, 30ST PATRICKS CHURCH, 63THEOREM INC., 23ALBRO DRUG CO, INC., 30ALL COUNTY SEWER & DRAIN SERVICE INC, 14ARSENEAULT & FASSETT LLP, 26BRADLEY & SON FUNERAL HOMES, LLC, 16BROADWAY ELITE TOURS, INC., 18CHATHAM COLLISION REPAIR INC, 17CHATHAM EXPRESS, INC.CHATHAM TOWNE TAVERN 27COMMUNITY PERSONNEL SERVICES, INC., 24CORPUS CHRISTI RC CHURCH, 26CRONHEIM MANAGEMENT SERVICES, INC., 13CTS GROUP ARCHITECTURE PLANNING PA, 13DAVID CRONHEIM MORTGAGE CORP., 10FCG HOLDINGS LLC, 10FIDELITY MAINTENANCE CORP, 21FIRST HOPE INC-SBA SMALL 7A TERM, 0INTERSTATE ELECTRICAL CONTRACTING INC, 7LASER & SKIN THERAPEUTICS PC, 15LPZ MANAGEMENT CORP, 0MARINO TORTORELLA & BOYLE PC, 11MIXCOMM INC, 10NOE POND CLUB II LLC, 119NUSOURCE TECHNOLOGY, INC., 0SANDBLAST PRODUCTIONS INC., 7SHIFT EMPLOYMENT LAW TRAINING, LLC, 14STEPPING FORWARD COUNSELING CENTER,LLC, 34SYNERGISTIC SYSTEMS INC DBA SYNERGISTICIT, 14THE GARIBALDI GROUP, LLC, 10THEMIS TRADING LLC, 11TOUCHPOINT PEDIATRICS, P.A., 19UNIKEN INC, 8VINCHEM, INCLoans to New Jersey businesses ran the gamut and included higher education institutions, private schools, manufacturers, car washes, real estate agent companies and non-profits. The list of the recipients locally are listed above, although a number of businesses are now reporting that the list, in some instances, contains "some big errors," according to CNBC. The loans are made by lending institutions including banks and credit unions and are guaranteed by the SBA. All PPP loans are subject to review by the SBA and all loans over $2 million are automatically reviewed by the SBA. "Because a borrower is listed in the data as having a PPP loan does not mean that SBA has determined that the borrower complied with program rules or is eligible to receive a PPP loan and loan forgiveness," the SBA said in a statement about the data release. The average size of a PPP loan is around $107,000 and 86.5 percent of all loans were for less than $150,000, according to the SBA. PPP loans have an interest rate of one percent and can be fully forgiven if they are used to payroll costs, interest on mortgages, rent and utilities. New Jersey Patch editor Tom Davis contributed to this report.