47 Lawrenceville Businesses Receive Coronavirus PPP Loans

Trenton NJ

09 July, 2020

12:23 PM

Description

LAWRENCEVILLE, NJ — Forty-seven Lawrenceville businesses have received Paycheck Protection Program (PPP) loans from the U.S. Small Business Administration and U.S. Treasury, according to numbers released by federal officials. 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. The list of the recipients is below, although a number of businesses are now reporting that the list contains "some big errors," according to CNBC. New Jersey Coronavirus Updates: Don't miss local and statewide announcements about novel coronavirus precautions. Sign up for Patch alerts and daily newsletters. Below is the list of loans approved for Lawrenceville businesses: $5-10 million JOSEPH JINGOLI & SON, INC. $2-5 million ARORA AND ASSOCIATES, P.C.MULLER AUTOMOTIVE INC $1-2 million CAPITOL COUNTY CHILDREN'S COLLABORATIVECARE FOR U PLUS LLCCOLEMAN BUICK GMC CADILLAC INCJET ELECTRICAL TESTING, LLCNEW JERSEY CONFERENCE OF SEVENTH-DAY ADV $350,000-1 million ASANA BIOSCIENCES, LLCBIRCHFIELD VENTURES LLCCELSION CORPORATIONDELAWARE VALLEY PEDIATRIC ASSOICATESFUSION EMPLOYER SERVICES, LLC.GLOBAL NEUROSCIENCES INSTITUTE, LLCITI TROPICALS INC.JDC ENERGY SERVICES, LLCJPOW CALIFORNIA, LLCLAWRENCE AUTOMOTIVE, INC.LAWRENCEVILLE NEUROLOGY CENTER PALMT-HARTVILLE INCLONG MOTORS COMPANY INCMCNEILL PROPERTIES V, LLC-SBA SMALL 7A TERMMDADVANTAGE INSURANCE COMPANY OF NJOPTIMA GLOBAL SOLUTIONS, INC.SPECIAL OLYMPICS NEW JERSEY INCTHE BRIDGE ACADEMY, INC. $150,000-350,000 ARBORSYS GROUP LLCDELAWARE VALLEY RETINA ASSOCIATESGREENLEAF PAINTERS LLCHINKLE PRIOR & FISCHER PCINSTITUTE FOR SPINE & SCOLIOSIS, PALAURA LONGMANLAWRENCE MOLD AND TOOL CORPLAWRENCEVILLE DENTAL IMPLANT CENTER AND PERIODONTICS LLCLIFEBACK, LLCMERCER CHILDREN'S DENTISTRY, PCMERCER COUNCIL ON ALCOHOLISM AND DRUG ADDICTIONMERCER EYE ASSOCIATES, P.A.NDVOR SOLUTIONS LLCOUR LITTLE HILL LLCPERFORMANCE SPINE & SPORTS MEDICINE COMPPERIOPERATIVE MEDICINE &PRINCETON DENTAL GROUPPRINCETON PAIN & SPINE INSTITUTE PCR-PHARM US LLCSTEVEN FRIEDMANUNITED WAY OF GREATER MERCER COUNTY, INC.See more stories about New Jersey's coronavirus recovery. 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 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. See related: NJ Coronavirus Updates: Here's What You Need To Know