Swampscott companies secured $ 14.8 million in federal P3 loans
SWAMPSCOTT, MA – Companies in Swampscott have received $ 14.8 million in loan approvals under the federal paycheck protection program, according to data released Tuesday by the Small Business Administration.
Loans were made to 275 businesses and ranged from $ 1,467 to $ 979,000. Applicants said the loans would help them protect 1,549 jobs in Swampscott.
Data released this week includes all loans under the program adopted in March as the coronavirus pandemic took hold and forced large-scale business closings and layoffs. The SBA released loan data in July, but that data only showed loans over $ 150,000 and did not include specific dollar amounts.
The Washington Post, Bloomberg and other media companies sued the SBA for releasing the full data. In November, a federal judge ruled in favor of the media companies and ordered the SBA to release the data by December 1. Data released on Tuesday was current to November 24 and includes updates to data released in July.
PPP loans are part of the CARES Act, a comprehensive COVID-19 relief program passed by Congress in the spring. Loans are repayable as long as a certain percentage is used for payroll. The program stopped receiving new requests in August, but business groups are lobbying federal lawmakers and the Trump administration to renew the program.
In Swampscott, the highest loans went to:
- PC PERICO
- FAMILY PHYSICIANS LLC
- THE JOHN BERTRAM HOUSE IN SWAMPSCOTT
- THE CALEB GROUP
- ADAMS NURSING LLC
- HOWARD S. GOLDBERG, MD, INC.
- HAWTHORNE BY THE SEA INC
- SWAMPSCOTT LLC RESTAURANT OPERATOR
- RAFFAELE CONSTRUCTION, CORP.
- ZVOX AUDIO SARL
Statewide, there were nearly 118,000 loans totaling $ 14.27 billion. In their loan applications, the companies that received the loans said they would help protect 1.17 million jobs in Massachusetts.