Malden Companies Received $63M In Federal Coronavirus Loans

Malden MA

03 December, 2020

2:14 PM

Description

MALDEN, MA — Companies in Malden received $63 million in loan approvals under the federal Paycheck Protection Program, according to data released Tuesday by the Small Business Administration. The loans went to 745 companies and ranged from $250 to $2.7 million. Applicants said the loans would help them protect 6,360 jobs in Malden. 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. 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 Malden, the top loans went to: Mystic Valley Elder Services, 300 Commercial St: $2,750,000.00Piantedosi Baking Co. Inc, 240 Commercial St: $2,472,587.00Distributor Corporation of New England, 767 Eastern Ave: $2,222,400.00Archer Corporation, 349 Washington St: $2,145,975.00LaMarca & Sons Baking Co. Inc, 32 Riverside Park: $1,619,388.98A&A Window Products Inc., 15 Joseph St: $1,500,000.00Triangle Inc, 420 Pearl St: $1,438,520.00Hoffs Kitchen Co. Inc, 35 Green St: $1,214,627.00Enjet Aero Malden LLC, 60 Winter St: $1,196,700.00Cantella & Co. Inc, 350 Main St: $1,173,600.00Interstate Food Equipment Service Inc, 43 Sharon St: $1,024,690.00 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.