Payroll Protection Program Loans List, Who’s Who Massachusetts Employers
Employers who took advantage of the massive federal paycheck protection program say they have saved an estimated 1.1 million jobs in Massachusetts – from the Boston Ballet to bagel bakers, according to a Herald analysis of these ready.
Bailouts of up to $ 10 million are forgivable if borrowers make a “good faith effort” to rehire workers on leave during the pandemic at their old wages, according to the government. United States Small Business Administration. Otherwise, the two- and five-year loans carry an annual interest rate of 1%.
Businesses Receiving Loans are a virtual listing of leading businesses, schools, restaurants, and other institutions in Massachusetts.
A number of wealthy private schools in Massachusetts have also obtained P3 loans. Buckingham, Browne and Nichols, alma mater of US Representative Joseph P. Kennedy III, got one between $ 5 million and $ 10 million.
Fessenden School in West Newton received a loan of $ 2-5 million, as did Lawrence Academy in Groton and Beaver Country Day School in Brookline.
The Archbishop of Boston and Catholic Charities have also provided millions in loans. Likewise, the Bishops of Worcester and Fall River, the data shows. It came as the coronavirus pandemic forced churches to lock up during the Easter season.
“In collaboration with the Small Business Administration, the Archdiocese of Boston has encouraged parishes and related entities to apply for the Paycheck Protection Program (PPP) given the significant payroll challenges faced by parishes and agencies resulting of the COVID-19 pandemic, ”said Terrence Donilon, a spokesperson for the archdiocese.
“With the suspension of Masses and programs in mid-March, combined with a dramatic loss of income, we appreciate that this program is available to non-profit organizations, including religious organizations,” he said. added.
But attorney Mitchell Garabedian, who has attacked the Catholic Church for sexual abuse, questioned whether the loans were a “Los Angeles Lakers situation.”
The Lakers – the second richest team in the NBA with a reported valuation of $ 4.4 billion – repaid a $ 4.6 million PPP loan when news of the payment broke.
Donilon defended PPP loans, claiming that “church workers are members of the community who support the good works of mercy that our parishes and ministries provide to the general public.”
MassFiscal spokesman Paul Craney, a government spending watchdog, praised the P3 program for helping small businesses that have been digging deep to pay their taxes for years.
“Usually there’s a lot of waste with government, but it was a good approach to keep employees on the job,” Craney said. “It’s a rare time when the government stepped in when needed.”
The PPP program was extended until August 8 with $ 130 billion remaining in the fund which disbursed $ 610 billion. This, according to multiple reports, saved an estimated 50 million jobs in the United States during the COVID-19 shutdown.
Most of those jobs, added Paul Bernardini of the small business lender Kabbage, were for small businesses.
“In a matter of weeks, the country came to a halt,” said Bernardini. “The government launched a program that provided $ 610 billion. It wasn’t perfect, but you have to nod at the sheer volume of loans.
He added that these bailouts have helped small businesses which account for nearly half of all jobs in America.
The list of recipients in Massachusetts included the NE Aquarium, Eataly, Isabella Stewart Gardner Museum, Legal Sea Foods, Planned Parenthood, Wang Theater, Boston Duck Tours, and the American Meteorological Society.
Anglers, Ski Mountain, Newbury Comics, Muffin Town, and Tasty Burger are also on the list posted by the Herald it also includes dozens of other small businesses that can keep the doors open as the state emerges from the shelter-in-place for the pandemic.
On oversight, US Treasury Secretary Steven Mnuchin told Congress this week he seeks a balance between “proper protection of small business information” and transparency. This debate is still ongoing.