These Paramus companies received PPP loans linked to the coronavirus

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PARAMUS, NJ – The US Small Business Administration and the US Treasury have released details of the country’s massive paycheck protection program that has helped New Jersey businesses impacted by the coronavirus pandemic.

Over 4.9 million loans of over $ 150,000 have been made to businesses and nonprofits across the country; the total amount of approved loans exceeding this amount was over $ 521 billion.

About 22,000 New Jersey businesses have been approved for loans over $ 150,000. Loans over $ 150,000 represent approximately 925,000 jobs.

New Jersey business loans ran the gamut and included higher education institutions, private schools, manufacturers, car washes, real estate companies and nonprofits.

At Paramus, Care Plus NJ and Creative Management Services received between $ 5 million and $ 10 million, while eight companies received between $ 2 million and $ 5 million.

Care Plus and Creative Management have kept more than 400 jobs thanks to the loan.

Below is a breakdown of the amounts approved in New Jersey:

  • $ 5-10 million: 162
  • $ 2-5 million 844
  • $ 1 million to $ 2 million: 1,823
  • $ 350,000 to $ 1 million: 6,689
  • $ 150,000 to $ 300,000: 12,339

The list of recipients is below, although a number of companies are now reporting that the list, in some cases, contains “some big mistakes, “according to CNBC.

Loans are made by credit 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, it does not mean that the SBA has determined that the borrower has complied with the program rules or is eligible to receive a PPP loan and a cash rebate. ready, “the SBA said in a data statement. Release.

The average size of a PPP loan is around $ 107,000 and 86.5% of all loans were under $ 150,000, according to the SBA.

PPP loans have a one percent interest rate and can be fully forgiven if used for labor costs, mortgage interest, rent, and utilities.

Below is a searchable database of New Jersey loans over $ 150,000. Just search for “Paramus”.

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