Using about 113,000 loans through the Paycheck Protection Program, Massachusetts retained more than 2.2 million jobs according to data released by the Small Business Administration on Monday.
The data included about 700,000 small businesses loans as part of $660 billion of funding as part of the PPP loans that first launched in April.
The Paycheck Protection Program was part of the CARES Act, and allowed small businesses to apply for forgivable loans if certain criteria was met. The program, which aimed at helping businesses remain afloat during the coronavirus pandemic, expired at the end of June.
The data from the SBA included figures for every state and territory within the United States and divided the funding into two categories: Loans greater than $150,000 and loans less than $150,000.
The data didn’t provide exact figures for business that received more than $150,000, but instead broke the numbers down into vague categories such as $5 to $10 million or $350,000 to $1 million. However, the SBA provided the names of businesses that received the larger loans.
The names of businesses that received less than $150,000 weren’t provided, but exact dollar figures were.
Data provided in this story best reflects the information provided by the SBA. However, when sifting through the data, MassLive found municipalities spelled incorrectly, such as “Worceter,” “Bosten” and “Sprigfield.” Those were included in each city’s breakdown, but others may have been missed.
Loans more than $150,000
Across the state, 18,252 loans retained at least 1.4 million jobs, according to the data. The highest loan amount as part of the program was $10 million. The data showed that 145 businesses in the state received loans of $5 to $10 million.
In Boston, 1,957 businesses received loans of greater than $150,000, which retained 72,487 jobs. Twenty businesses in Boston received loans ranging from $5 to $10 million.
They included:
- Beacon Residential Management Limited Partnership
- Catalant Technologies, Inc.
- Creative Financial Staffing Inc
- Elkus Manfredi Architects Ltd
- Fuze, Inc.
- Grand Circle LLC
- Jenzabar, Inc.
- Joslin Diabetes Center, Inc.
- Legal Sea Foods, LLC
- Manning Gross + Massenburg Llp
- Morrison Mahoney Llp
- Nutter, Mcclennen & Fish, Llp
- Ophthalmic Consultants Of Boston, Inc.
- Poah Communities Llc
- R. G. Vanderweil Engineers, Llp
- Simon, Kucher & Partners, Strategy & Marketing Consultants, LLC
- The Brattle Group, Inc.
- Third Sector New England Inc
- Walsh Brothers Incorporated
- Wolf And Company PC
In Worcester, 370 businesses received loans of $150,000 or more, which helped retain 18,359 jobs. Three businesses received more loans of at least $5 million, which included Assumption University, Family Health Center of Worcester and Greenwood Industries Inc.
In Springfield, 278 businesses retained 16,122 jobs in receiving PPP loans of at least $150,000. Two companies received loans of at least $5 million: Harry Grodsky & Co. Inc and Peter Pan Bus Lines Inc.
Loans Under $150,000
Across the state, the Paycheck Protection Program offered a total of 94,746 loans of $150,000 or less. In total those loans were worth more than $7 billion. The average loan was $74,239.
In Boston, 5,111 businesses received loans of less than $150,000, with an average loan size of $86,800. The smaller loans totaled more than $443.5 million and helped retain at least 39,437 jobs.
In Worcester, 1,917 businesses received loans less than $150,000, which helped retain 17,932 jobs. The average loan amount in Worcester for businesses receiving loans of less than $150,000 was $74,897. Worcester received a total of $143,578,481 in the smaller loans.
Springfield businesses received 979 loans of less than $150,000. The average loan size was $73,135, which retained 8,352 jobs. The overall amount of smaller loans Springfield received was about $71.6 million
What is the Paycheck Protection Program ?
The loans were provided to business with under 500 employees or sole proprietors, independent contractors and self-employed persons.
Businesses including non-profits with more than 500 employees were still eligible, however, they must have met the SBA’s size standards.
At the start of June, Congress and President Donald Trump agreed on updates the to Paycheck Protection Program to offer more flexibility for businesses hoping for loan forgiveness.
One of the biggest changes to the program was the lowering of the percentage of funds that borrowers need to use for payroll costs in order to ensure loan forgiveness. Under the new act, a borrower can remain eligible for loan forgiveness by using at least 60% of the funding for payroll costs. Originally, businesses needed to use 75% of the funding for payroll.
The new legislation also extended the time a business can use the funding. A borrower now has 24 weeks to distribute the the funding rather than eight weeks.
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