These East Brunswick Businesses Received Coronavirus PPP Loans
EAST BRUNSWICK, NJ — This week, the U.S. Small Business Administration and U.S. Treasury released details of the country's massive Paycheck Protection Program (PPP), which helped thousands, if not millions, of U.S. businesses affected by the coronavirus pandemic.
Approximately 130 East Brunswick-based businesses are on the list, many of them software, IT, financial or tech companies based in East Brunswick. There are some familiar names: Rt. 18 Auto, Core Spine and Wellness, St. Bartholomew Roman Catholic Church and Starlite Motel all received loans.
You can search by town in the search bar here: https://public.flourish.studio/visualisation/3110958/ or search here: https://docs.google.com/spreadsheets/d/14f6PJfcGPHRaSARKVAdQPbkpwKPKAk6s0oE6IyovdwQ/edit#gid=103657121
Some very well-known New Jersey businesses received millions in PPE loans: Jenkinson's in Point Pleasant Beach got between $1 million and $2 million. Care Plus NJ in Paramus received between $5 million and $10 million, which helped support 401 jobs.
In total, around 22,000 businesses, non-profits and even private schools in New Jersey were approved for loans greater than $150,000.
The loans were made by lending institutions including banks and credit unions and are guaranteed by the U.S. Small Business Administration.
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.
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.
This article originally appeared on the East Brunswick Patch
