47 Lawrenceville Businesses Receive Coronavirus PPP Loans
LAWRENCEVILLE, NJ — Forty-seven Lawrenceville businesses have received Paycheck Protection Program (PPP) loans from the U.S. Small Business Administration and U.S. Treasury, according to numbers released by federal officials.
More than 4.9 million loans over $150,000 were made to businesses and nonprofit organizations across the country; the total amount for approved loans over that amount was more than $521 billion.
Around 22,000 businesses in New Jersey were approved for loans greater than $150,000. The list of the recipients is below, although a number of businesses are now reporting that the list contains "some big errors," according to CNBC.
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Below is the list of loans approved for Lawrenceville businesses:
$5-10 million
JOSEPH JINGOLI & SON, INC.
$2-5 million
ARORA AND ASSOCIATES, P.C.
MULLER AUTOMOTIVE INC
$1-2 million
CAPITOL COUNTY CHILDREN'S COLLABORATIVE
CARE FOR U PLUS LLC
COLEMAN BUICK GMC CADILLAC INC
JET ELECTRICAL TESTING, LLC
NEW JERSEY CONFERENCE OF SEVENTH-DAY ADV
$350,000-1 million
ASANA BIOSCIENCES, LLC
BIRCHFIELD VENTURES LLC
CELSION CORPORATION
DELAWARE VALLEY PEDIATRIC ASSOICATES
FUSION EMPLOYER SERVICES, LLC.
GLOBAL NEUROSCIENCES INSTITUTE, LLC
ITI TROPICALS INC.
JDC ENERGY SERVICES, LLC
JPOW CALIFORNIA, LLC
LAWRENCE AUTOMOTIVE, INC.
LAWRENCEVILLE NEUROLOGY CENTER PA
LMT-HARTVILLE INC
LONG MOTORS COMPANY INC
MCNEILL PROPERTIES V, LLC-SBA SMALL 7A TERM
MDADVANTAGE INSURANCE COMPANY OF NJ
OPTIMA GLOBAL SOLUTIONS, INC.
SPECIAL OLYMPICS NEW JERSEY INC
THE BRIDGE ACADEMY, INC.
$150,000-350,000
ARBORSYS GROUP LLC
DELAWARE VALLEY RETINA ASSOCIATES
GREENLEAF PAINTERS LLC
HINKLE PRIOR & FISCHER PC
INSTITUTE FOR SPINE & SCOLIOSIS, PA
LAURA LONGMAN
LAWRENCE MOLD AND TOOL CORP
LAWRENCEVILLE DENTAL IMPLANT CENTER AND PERIODONTICS LLC
LIFEBACK, LLC
MERCER CHILDREN'S DENTISTRY, PC
MERCER COUNCIL ON ALCOHOLISM AND DRUG ADDICTION
MERCER EYE ASSOCIATES, P.A.
NDVOR SOLUTIONS LLC
OUR LITTLE HILL LLC
PERFORMANCE SPINE & SPORTS MEDICINE COMP
PERIOPERATIVE MEDICINE &
PRINCETON DENTAL GROUP
PRINCETON PAIN & SPINE INSTITUTE PC
R-PHARM US LLC
STEVEN FRIEDMAN
UNITED WAY OF GREATER MERCER COUNTY, INC.
See more stories about New Jersey's coronavirus recovery.
Loans over $150,000 account for about 925,000 jobs. Below is a breakdown of the amounts approved in New Jersey:
$5 million to $10 million: 162
$2 million to $5 million 844
$1 million to $2 million: 1,823
$350,000 to $1 million: 6,689
$150,000 to $300,000: 12,339
The loans are made by lending 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 does not mean that SBA has determined that the borrower complied with program rules or is eligible to receive a PPP loan and loan forgiveness," the SBA said in a statement about the data release.
The average size of a PPP loan is around $107,000 and 86.5 percent of all loans were for less than $150,000, according to the SBA.
PPP loans have an interest rate of one percent and can be fully forgiven if they are used to payroll costs, interest on mortgages, rent and utilities.
See related: NJ Coronavirus Updates: Here's What You Need To Know
This article originally appeared on the Lawrenceville Patch