Peabody Companies Got $109 Million In Federal PPP Loans
PEABODY, MA — Companies in Peabody received $109 million in loan approvals under the federal Paycheck Protection Program, according to data released Tuesday by the Small Business Administration.
The loans went to 965 companies and ranged from $800 to $6.3 million. Applicants said the loans would help them protect 9,998 jobs in Peabody.
The data released this week includes all loans under the program passed in March as the coronavirus pandemic took hold and forced widespread business closures and layoffs. SBA released some loan data in July, but that data only showed loans over $150,000 and did not include specific dollar amounts.
The Washington Post, Bloomberg and other media companies sued the SBA to release the full data set. In November, a federal judge ruled in favor of the media companies and ordered the SBA to release the data by Dec. 1. The data released Tuesday was current as of Nov. 24 and includes updates to the data released in July.
PPP loans are part of the CARES Act, a comprehensive COVID-19 relief package Congress passed in the spring. The loans are forgivable as long as a certain percentage is used for payroll. The program stopped taking new applications in August, but business groups are pressuring federal lawmakers and the Trump administration to renew the program.
In Peabody, the highest loans went to:
JEOL USA INC
JRM HAULING & RECYCLING SERVICES INC
PEABODY MOTOR SPORTS INC
SPORTS MEDICINE NORTH ORTHOPEDIC SURGERY INC
PEDIATRIC HEALTH CARE ASSOCIATES, P.C.
YOUNG MEN'S CHRISTIAN ASSOCIATION OF METRO NORTH, INC.
ENERGI INSURANCE SERVICES INC
WARD'S CLEANING SERVICE INC
MARSHALL ROOFING & SHEET METAL CO INC
SUMCO ECO-CONTRACTING, LLC
Statewide, there were nearly 118,000 loans totaling $14.27 billion. In their loan applications, the companies that received the loans said they would help protect 1.17 million jobs in Massachusetts.
This article originally appeared on the Peabody Patch
