Princeton Coronavirus PPP Loans: Where Did The Money Go

PRINCETON, 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, including Princeton, affected 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.

Over 350 Princeton companies have been approved for loans over $ 150,000. Below is a breakdown of the amounts approved at Princeton:

  • $ 5-10 million: 3
  • $ 2 to $ 5 million 23
  • $ 1 million to $ 2 million: 43
  • $ 350,000 to $ 1 million: 108
  • $ 150,000 to $ 300,000: 175

Princeton’s business loans ran the gamut and included: Above and Beyond; Pioneer Consulting Services LLC. and Withumsmith + Brown, PC each received between $ 5 million and $ 10 million, which helped support 1,399 jobs, according to SBA data. Eden Autism Services Inc., a non-profit organization, raised between $ 2 million and $ 5 million, which supported 478 jobs. The Hun School of Princeton, a non-profit organization, also secured a loan of between $ 2-5 million, which supported 219 jobs.

The list of recipients is below, although a number of companies are now reporting that the list, in some cases, contains “big mistakes,” according to CNBC.

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.

Below is a searchable database of New Jersey and Princeton loans over $ 150,000.

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