HOLMDEL, 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 51 approved loans at Holmdel:
- $ 5-10 million: 1
- $ 2 to $ 5 million: 2
- $ 1 to $ 2 million: 5
- $ 350,000 to $ 1 million: 15
- $ 150,000 to $ 300,000: 28
Allstate Sales Group was the sole Holmdel beneficiary of the $ 5 million to $ 10 million loan, while The Beverage Works NY and Twin Diamond Operator both received loans of $ 2-5 million.
Two places of worship in Holmdel, St. Benedict’s Church and St. Catherine’s Church, have received loans of $ 350,000 to $ 1 million and $ 150,000 to $ 350,000, respectively. St. John Vianney High School also received a loan of $ 1 million to $ 2 million.
Several restaurants in the area have also been approved for PPP loans, including Patricia’s of Holmdel, which received $ 350,000 to $ 1 million, and Gabriella’s Italian Steakhouse, with a loan of $ 150,000 to $ 350,000.
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.
“Because a borrower is listed in the data as having a PPP loan, it does not mean that the SBA has determined that the borrower has complied with the program rules or is eligible to receive a PPP loan and a cash rebate. ready, “the SBA said in a data statement. Release.
The average size of a PPP loan is around $ 107,000 and 86.5% of all loans were under $ 150,000, according to the SBA.
PPP loans have an interest rate of 1% and can be fully forgiven if used for salary costs, mortgage interest, rent, and utilities.