COVID-19 wreaked havoc on nearly every segment of the economy.
Without the Paycheck Protection Program, it would have been far worse.
The PPP provided a lifeline for companies, non-profits and other employers. Loans offered an incentive to keep workers on the payroll. The Small Business Administration will forgive loans if certain employee retention criteria are met, and the funds are used for eligible expenses.
Newly released information shows 137 recipients in Westport, of loans of $150,000 or more.
They cover a broad range: construction firms, healthcare providers, attorneys, restaurants, retail stores, a tutoring service, fitness and sports centers, architects, public relations firms, dry cleaners, car dealers, childcare services and more.
Three religious institutions are on the list. So is the Pierrepont School, and non-profits like Earthplace, the Westport Weston Family YMCA, Westport Country Playhouse and Westport Library.
BioSig Technologies got a PPP loan. As “06880” reported in April, the Wilton Road firm is working on oral treatments for the coronavirus.
Click here to see the full Westport list.
On Monday, the PPP is once again accepting loan applications. The deadline is August 8. Click here for information.
(Hat tip: Paul Delano)
I’m curious, does anyone know what the repayment status is if a company receives a PPP loan and then goes on to have a strong year? (basically if the 2020 revenue on tax return is similar to or greater than 2019)
I’m noticing several landscaping companies and that business seems to be booming. Just curious.
Alexis, PPP loans are forgiven, so long as the businesses retain their workers and use the money as promised (rent, utilities, etc.). The business’ profitability does NOT affect repayment, although there is a ‘cap’ on the amount of compensation an owner can receive.
Thank you. That doesn’t necessarily seem to make a lot of sense if there is just a shift within the year of revenue timing.
Interesting to see the number of companies receiving big money that were not mandated to shut down and had the opportunity to continue to stay in business and/or work remotely. If you change the town name to anywhere in CT you can see plenty of businesses that were no doubt affected by COVID but were able to, and did, continue their operation. The bottom line success or failure of a business during COVID is not a determinant for PPP foregiveness, and therein lies one of the flaws of the system.
Area small business owners with questions about applying for or administering COVID-loans and grants, or other COVID-related legal issues (e.g., commercial leases, employment, bankruptcy) can receive a free legal consult:
New York City: https://www.citybarjusticecenter.org/covid-19-small-business-remote-legal-clinic/