Hundreds Of Madison Jobs Reinstated With Pandemic Loan Money

Madison NJ

14 July, 2020

11:30 AM

Description

MADISON, NJ – Hundreds of jobs in the Madison area were reinstated thanks to the U.S. Small Business Administration and U.S. Treasury Paycheck Protection Program that was designed to help New Jersey businesses affected by the coronavirus pandemic. 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 Madison the following businesses were approved for loans between $1 and 2 million and the list indicates how many jobs that were reinstated: MADISON AREA YMCA, N/A VINCE AUTO SALES INC., 164 Here are the businesses approved for loans between $350,000 and 1 million and how many jobs that were reinstated: DANNY PETROLEUM LLC., 92E P HELLER COMPANY, 28 GREEN LINE DIGITAL LLC., 21HALLMARK HEALTHCARE, LLC., 119 JASON T. ROTHENBERG, LLC., 23MADISON MEDICAL AND SPORTS REHABILITATION LLC., 43 MBE MARK III ELECTRIC, INC., 20NJ FUEL LLC., 90 ROTHBART BARANEK & BARON LLC., 21 ST. VINCENT MARTYR CHURCH., 97 THRUUE INC., N/A ZG BURGERS LLC., 187 Here are the businesses approved for loans between $150,000 and $350,000 and how many jobs that were reinstated: ADAMS DENTAL LLC., N/ACENTRAL & MAIN LLC., N/ADENNIS G. COYLE DMD, LLC., 10GEO VENTURES INC., 211HM SARROW, INC., 57J & M HOME & GARDEN INC., 24JELMA, INC., 45MADISON CAR WASH & DETAIL CENTER, LLC., 60MADISON MARKET LLC., 22NJ ENTERTAINMENT LLC., 34NORTHERN NJ ORTHOPEDIC SPECIALISTS PA., 14PAUL NAFTALI OD., 30PHARMASPECTRA US LLC., 17SENSOR PRODUCTS INC., 20TAVERN AT MAIN CORP., N/ATHE HELLER GROUP, LLC., N/ATRANSCRIPT ASSOCIATES, INC., 4VISION ELECTRIC, 20WAVERLY RESTAURANT GROUP, 49 Loans to New Jersey businesses ran the gamut and included higher education institutions, private schools, manufacturers, car washes, real estate agent companies and non-profits 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. Patch editors Tom Davis and Jeff Arnold contributed to this report. Thanks for reading! Learn more about posting announcements or events to your local Patch site. Have a news tip you'd like to share? Or maybe you have a press release you would like to submit or a correction you'd like to request? Send an email to [email protected] Subscribe to your local Patch newsletter. You can also have them delivered to your phone screen by downloading, or by visiting the Google Play store.