Falmouth Companies Received $58.7M In Federal Coronavirus Loans

Falmouth MA

03 December, 2020

4:37 PM

Description

FALMOUTH, MA — Companies and nonprofits in Falmouth received over $164 million in loan approvals under the federal Paycheck Protection Program, according to data released Tuesday by the Small Business Administration. The loans went to 703 companies and ranged from $1,100 to $4.1 million. Applicants said the loans would help them protect 6,357 jobs in Falmouth. The data released this week includes all loans under the program passed in March as the coronavirus pandemic took hold and forced widespread business closures and layoffs. SBA released some loan data in July, but that data only showed loans over $150,000 and did not include specific dollar amounts. The Washington Post, Bloomberg and other media companies sued the SBA to release the full data set. In November, a federal judge ruled in favor of the media companies and ordered the SBA to release the data by Dec. 1. The data released Tuesday was current as of Nov. 24 and includes updates to the data released in July. Previously on Patch: Falmouth's Smaller PPP Loans Totaled Nearly $23 Million PPP loans are part of the CARES Act, a comprehensive COVID-19 relief package Congress passed in the spring. The loans are forgivable as long as a certain percentage is used for payroll. The program stopped taking new applications in August, but business groups are pressuring federal lawmakers and the Trump administration to renew the program. In Falmouth, the top loans went to: $4,107,877.41 - GOSNOLD INC.$2,583,300.00 - LAWRENCE-LYNCH CORP.$2,287,780.00 - INTEGRATED STATISTICS INCORPORATED$1,206,925.00 - WOODS HOLE RESEARCH CENTER$1,183,300.00 - LONGFELLOW DESIGN BUILDERS INC.$1,108,400.00 - FALMOUTH LUMBER INC$1,006,607.00 - ROYAL NURSING CENTER LLC$895,728.00 - HUTKER ARCHITECTS INC$787,152.00 - SEA EDUCATION ASSOCIATES INC$731,822.00 - J & B PARTNERSHIP LLP Statewide, there were nearly 118,000 loans totaling $14.27 billion. In their loan applications, the companies that received the loans said they would help protect 1.17 million jobs in Massachusetts.