Rundown of Largest Loan Recipients in Belmar, Lake Como
WASHINGTON, DC — More than 125,000 small business loans totaling nearly $4.5 billion were made in New Jersey under the federal Paycheck Protection Program, resulting in some 530,000 saved jobs, according to data released by the U.S. Small Business Administration and the Treasury Department.
Nationwide, $521 billion in forgivable loans were awarded to 4.9 million small businesses and nonprofit organizations through the program, created to provide financial assistance to small employers affected by the coronavirus pandemic.
The average PPP loan was about $100,000, demonstrating that the program is serving the smallest of businesses, according to Treasury Secretary Steve Mnuchin.
“The PPP is providing much needed relief to millions of American small businesses, supporting more than 51 million jobs and over 80 percent of all small business employees, who are the drivers of economic growth in our country,” Secretary Mnuchin said. “We are particularly pleased that 27 percent of the program’s reach in low- and moderate-income communities which is in proportion to the percentage of the population in these areas.”
SBA Administrator Jovita Carranza added that she believes PPP is an indisputable success for small businesses, especially to the communities in which these employers serve as the main job creators.
“In three months, this administration was able to act quickly to get funding into the hands of those who faced enormous obstacles as a result of the pandemic," Carranza said. "Small businesses of all types and across all industries benefited from this unprecedented program. The jobs numbers released last week reinforce that PPP is working by keeping employees on payroll and sustaining millions of small businesses through this time.”
According to the New Jersey-specific PPP loan data released on July 6, nearly 170 businesses in Belmar and Lake received loans of $150,000 or less. However, it should be noted that since the actual company names are not included in the data — and only identified by zip code — the total may also include businesses that share the 07719 zip code, including those in Wall.
Data also included the names of companies receiving larger loans, including these 24 businesses and nonprofits in Belmar and Lake Como, as well as those with at least one business in either municipality:
Between $150,000 and $350,000
- Advanced Physical Medicine & Rehabilitation, Belmar
- Air Experts, Lake Como
- Clark Law Firm, Belmar
- Coastal Home Rehabilitation, Belmar
- Exit 98 Enterprises, Lake Como
- Floors by the Shore, Belmar
- Four Springs Capital, Lake Como
- Fusal (La Dolce Vita and La Terrazza), Belmar
- Integrative Wellness Group, Belmar
- Klein’s Fish Market, Belmar
- Lynx Waste and Recycling Solutions, Lake Como
- Pegasus Sports, Belmar
- Positive Expectations (SemGeeks), Belmar
- Shore Dental Arts, Belmar
- Summertime Surf, Belmar
- Troller Electric, Lake Como
Between $350,000 and $1 million
- Aleatory (Bar Anticipation), Lake Como
- D’Jais, Belmar
- Dynamic Engineering, Lake Como
- Four Springs Capital Trust, Lake Como
- Pringle, Quinn, Anzano, P.C,
- St. Rose Church, Belmar
- St. Rose High School, Belmar
Between $2 million and $5 million
- Chefs International, Point Pleasant Beach, which operates Marina Grille, Anchor Tavern and 9th Avenue Pier in Belmar
PPP was created by Congress to provide cash-flow assistance through 100 percent federally guaranteed loans to employers, which are forgivable if they maintain their payroll during the COVID-19 crisi.
Congress recently extended the PPP lending deadline from June 30 to August 8. For additional information on the program and how to apply for a forgivable loan, click here.
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