SOUTHAMPTON, N.Y. — Applications for the federal payroll protection program have closed after benefiting more than 11.8 million businesses affected by the pandemic, including many in Southampton.
The Payroll Protection Program began in April 2020 as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act and was extended through May 31, 2021.
There were 415,741 PPP loans approved in New York in 2021 alone, according to the Small Business Administration. The total amount authorized in 2021 was $22,734,700,124.
Loan applications were processed through banks and other traditional lenders, with the SBA backing the resulting loans. About $800 billion in loans were approved nationally under the program.
Loans are forgiven if borrowers meet certain criteria, including spending at least 60 percent of the money on payroll costs and maintaining workers' compensation levels.
Here are some Southampton businesses that benefited from the program according to the SBA. Check here for a full searchable database.
MEDICAL CLINIC P.O. MEETING HOUSE LANE
- Southampton, New York, 11968
- Amount authorized: $2,067,000
- Jobs reported: 165
- Forgiveness amount: $2,090,558
EMIL NORSIC & SON INC
- Southampton, New York, 11969
- Approval Amount: $1,203,800
- Listed jobs: 71
- Forgiveness amount: $1,215,236
REVCO ELECTRICAL SUPPLY INC
- Southampton, New York, 11968
- Amount authorized: $1,040,000
- Listed jobs: 74
- Forgiveness amount: $1,049,773
BULGIN & ASSOCIATES INC
- Southampton, New York, 11969
- Approval Amount: $1,035,098
- Listed jobs: 45
- Forgiveness amount: $1,047,289
MEADOWS OFFICE SUPPLY CO., INC.
- Southampton, New York, 11969
- Approval Amount: $923,400
- Listed jobs: 67
OCEAN ELECTRIC CORP
- Southampton, New York, 11968
- Approval amount: $819,000
- Listed jobs: 45
- Forgiveness amount: $828,604
OCEAN ELECTRIC CORP
- Southampton, New York, 11968
- Approval amount: $818,948
- Listed jobs: 45
BUZZ CHEW CHEVROLET CADILLAC INC.
- Southampton, New York, 11968
- Approval amount: $775,100
- Listed jobs: 53
199 MARINER LTD
- Southampton, New York, 11969
- Approval Amount: $737,700
- Listed jobs: 37
- Forgiveness amount: $746,307
91 HILL LLC
- Southampton, New York, 11968
- Approval amount: $644,669
- Listed jobs: 63
Nationally, the lodging/food services industry received the largest share of loans in 2021, at 15 percent of the total.
About 87 percent of loans approved in 2021 were $50,000 or less, accounting for one-third of the total amount approved. The average loan size was $42,000.
The program was not without controversy. Banks tended to prioritize large, established businesses, according to a New York Times analysis. Congress raised small loan fees in December to encourage lenders to make small business loans, and the rules changed in February to allow unprofitable sole proprietorships to qualify.
Several large companies have drawn public ire after it was revealed that they took out PPP loans instead of relying on traditional fundraising activities. The outcry prompted the SBA to review all loan applications over $2 million and to issue instructions that the program was intended for businesses that had no access to other methods of raising cash.
Editor's Note: This list was automatically generated using data from the SBA for approved loans of $150,000 or more, although some loans ultimately did not. Business owners can contact the SBA if information about a loan is incorrect. SBA data occasionally contains duplicate records. Other comments can be sent to content@patch.com.
