More than 1,450 local businesses and nonprofit organizations across the North Fork obtained Paycheck Protection Program loans from the Small Business Administration as of June 30, according to data released yesterday by the federal agency.
Almost 87% of the local PPP loans to North Fork businesses were under $150,000.
PPP loans of $150,000 or more went to 195 North Fork businesses and nonprofits.
Twenty-four entities received loans of $1 million or more, according to a RiverheadLOCAL analysis of the data for loans made to borrowers in the hamlets from Wading River to Orient.
Eight for-profit local businesses and one nonprofit organization received loans of $2 million to $5 million.
While the program provides loans of up to $10 million, no local entity received a loan in excess of $5 million.
The Paycheck Protection Program provides forgivable loans to companies/organizations that have 500 or fewer employees and meet specified requirements — using most of the money to keep workers on the payroll, for example.
The administration released details, including company/organization names and addresses, for loans of $150,000 or more. Actual loan amounts were not provided.
For loans of less than $150,000, the data shows actual loan amounts, but not names or addresses.
In Riverhead Town, 844 business/nonprofit entities received funding. Loans of $150,000 or more went to 115 businesses, with seven obtaining loans of $2-5 million and 14 obtaining loans of $1-$2 million. Funding of $26.7 million went to 729 businesses in loans of $150,000 or less. The total amount funded in loans of more than $150,000 was not disclosed, since those loan amounts were disclosed only in ranges.
In Southold Town, 80 businesses received loans of $150,000 or more, with three entities obtaining loans of a $1 million or more. Funding of $18.7 million went to 539 businesses, in loans of $150,000 or less.
The SBA also released data showing the number of jobs each borrower said it would retain, as well as business type, lender and loan approval date.
The SBA said yesterday it made 4.9 million PPP loans. The average loan was about $100,000, it said.
Local businesses that obtained PPP relief run the gamut — from restaurants and hotels, to manufacturers and contractors, law firms and medical offices, vineyards and farms, car dealers and repair shops.
Editor’s note: The owners of this website received a Paycheck Protection Program loan of less than $150,000.
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