BRIDGEWATER, NJ — The U.S. Small Business Administration and U.S. Treasury released details of the country’s massive Paycheck Protection Program that helped New Jersey businesses, including in Bridgewater, affected by the coronavirus pandemic (see list below).
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.
More than 120 businesses in Bridgewater were approved for loans greater than $150,000. Below is a breakdown of the amounts approved in Bridgewater:
$5 million to $10 million: 0
$2 million to $5 million: 5
$1 million to $2 million: 13
$350,000 to $1 million: 43
$150,000 to $300,000: 62
Loans to Bridgewater businesses ran the gamut and included: Rackson Restuarants, which is a franchisee of Burger King, received between $2 million and $5 million. Cyber Think also received between $2 million and $5 million, which helped support 375 jobs, according to the SBA data. Bridgewater Cheverolet got between $1 million and $2 million. Somerset Baseball Partners, also got a loan between $350,000 and $1 million, which helped support 33 jobs. The non-profit Raritan Valley Montessori Academy received between $150,000 and $350,000.
The list of the recipients is below, although a number of businesses are now reporting that the list, in some instances, contains "some big errors," according to CNBC.
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.
Below is a searchable database of New Jersey and Bridgewater loans over $150,000.