Coronavirus PPP Loans In CT: Where The Money Went

Rich Scinto
Updated ·2 min read

CONNECTICUT — The U.S. Small Business Administration and U.S. Treasury released details of the country’s massive Paycheck Protection Program that helped businesses affected by the coronavirus pandemic.

More than 4.9 million loans of more than $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 8,600 businesses in Connecticut were approved for loans greater than $150,000.

The PPP program has helped support around 600,000 jobs in Connecticut, according to the SBA. Loans over $150,000 account for about 374,000 jobs. Below is a breakdown of the amounts approved in Connecticut:

  • $5 million to $10 million: 50

  • $2 million to $5 million 321

  • $1 million to $2 million: 699

  • $350,000 to $1 million: 2,605

  • $150,000 to $300,000: 4,920

Loans to Connecticut businesses ran the gamut and included higher education institutions, religious schools, manufacturers, car washes, real estate agent companies and non-profits.

The Bridgeport Diocesan Schools received between $2 million and $5 million, which helped support 487 jobs, according to the SBA data. William Raveis Holdings received between $5 million and $10 million, which helped support 411 jobs. The Bridgeport Roman Catholic Diocesan Corporation got a loan between $2 million and $ 5 million, which helped support 198 jobs.

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.

Here is a searchable database of Connecticut loans over $150,000.

This article originally appeared on the Across Connecticut Patch