HOWELL, NJ – The US Small Business Administration and the US Treasury have released details of the country’s massive paycheck protection program that has helped New Jersey businesses hit by the coronavirus pandemic (see list below).
Over 4.9 million loans of over $ 150,000 have been made to businesses and nonprofits across the country; the total amount of approved loans exceeding this amount was over $ 521 billion.
About 22,000 New Jersey businesses have been approved for loans over $ 150,000. Loans over $ 150,000 represent approximately 925,000 jobs. Below is a breakdown of the 81 loans approved at Howell:
- $ 5 million to $ 10 million: 0
- $ 2 million to $ 5 million: 1
- $ 1 million to $ 2 million: 17
- $ 350,000 to $ 1 million: 31
- $ 150,000 to $ 300,000: 32
The sole recipient of a $ 2-5 million loan was Exceptional Medical Transportation, an ambulance service provider based in West Berlin, New Jersey. Other medical services included on the list were Cameo Nursing Home, Complete Care At Linwood, Green Knoll Care, and Carneys Point Rehab And Nursing Center, all of which received loans of $ 1-2 million.
Recipients outside of the medical industry include the Howell Township Police Athletic League, Jersey Finest Staffing and Pool Town, all of which secured the $ 350,000 to $ 1 million loan.
St Veronica’s Church received a loan of $ 150,000 to $ 300,000, as did Good Mowin ‘Lawn and Landscaping and Good Time Ventures.
Loans are made by credit 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.