989 Valley Businesses Got PPP Loans Above $150K (Read List)
YOUNGSTOWN, Ohio – Nearly 1,000 organizations in Mahoning, Trumbull and Columbiana counties received Paycheck Protection Program loans of more than $150,000, according to data released Monday by the Small Business Administration.
On top of that, another 4,750 organizations in the three counties received loans under that amount, totaling nearly $150 million combined, through the federal program aimed at curbing unemployment caused by the coronavirus pandemic.
The data released was broken into two categories: loans of less than $150,000 and loans above that amount. For those under the threshold, the Small Business Administration published which city and ZIP code the business or nonprofit operated in, its NAICS code and how much money was approved.
For organizations above the cap, it also published the business’ name and address, but broke the loan amounts into categories – $150,000 to $350,000; $350,000 to $1 million; $1 million to $2 million; $2 million to $5 million; and $5 million to $10 million – rather than publishing the loan amount. Also published was the number of jobs retained. Nationwide, loans above $150,000 accounted for 75% of all dollars disbursed through the program, the SBA said.
A full list of the 989 businesses based in Mahoning, Trumbull or Columbiana counties receiving loans over $150,000 can be read HERE. The list includes many local industry and community leaders, such as HBK CPAs & Consultants, the Catholic Diocese of Youngstown, Avalon Holdings Corp., Do-Cut Sales & Services, YWCA Mahoning Valley, Alta Care Group, Iron and String Life Enhancement and Covelli Enterprises.
To have its loan fully forgiven, a business was required to retain all of its workforce for eight weeks after receiving funding. While most in the three counties did, 40 reported zero jobs retained. In addition, 48 businesses on the list had no entry for the number of jobs retained.
In the tri-county area, Boardman had the highest concentration of PPP loans under $150,000, with 671 businesses receiving funds totaling $24,218,615.82. The largest loan in the category was $147,000 and the smallest was $500.
Ranking second was the city of Warren – ZIP codes 44481 to 44485 – with 586 businesses receiving a combined $22,868,030.98 and ranging from $149,319 to $234. Youngstown, represented by ZIP codes 44501 to 44511, was close behind with $20,774,081.67 and loan amounts ranging from $148,600 to $300.
Canfield also had a large number of organizations provided with PPP funds, as 415 businesses being approved for $15,409,146.18, with loan amounts ranging between $149,600 and $1,032.
In Austintown, 266 businesses received $9,325,983.29, with a range of $146,800 to $100.
Looking north into Trumbull County, there were 140 businesses in Girard that received $5,182,521.01; 167 in Niles totaling $6,988,009.27; 154 in Cortland awarded $5,188,634.01 and 39 in Brookfield totaling $1,820,574.74.
In Columbiana County, Salem led the county with 265 businesses receiving $10,096,954.17, with loans ranging from $148,100 to $1,932. Columbiana was second with 148 organizations totaling $5,972,255.50, followed by Lisbon, where 74 businesses received $2,304,605.
Every community in the three counties was represented in the Paycheck Protection Program, with several small communities seeing businesses awarded funding to keep afloat during the pandemic. Ellsworth ($10,910), Mesopotamia ($56,292), Orangeville ($11,900) and Winona ($15,500) each had a single business awarded PPP funding.
A full list of businesses in the three counties that received funding totaling less than $150,000, broken down by ZIP code, can be read HERE.
In Pennsylvania, a total of 2,005 businesses in Mercer and Lawrence counties received loans of up to $150,000, with the two-county total reaching $71,757,694.24. New Castle, ZIP codes 16101 through 16107, had by far the largest concentration, with 553 organizations receiving $21,172,517.93, with a range between $148,900 and $650.
Hermitage was second with 240 organizations receiving $8,738,404.54, ranging from $143,315 to $1,100, followed by Sharon in third with 117 businesses getting $4,699,215.47 and a range of $149,300 to $897.
A full list of the number of businesses funded in each municipality in the two counties can be read HERE.
There were also 356 businesses and organizations that received loans of more than $150,000, according to the SBA. Full list can be read HERE. Among those receiving loans were Bruce & Merrilees Electric Co., Pizza Joe’s, Westminster College, Philadelphia Candies Inc., Kraynak’s and Wendell August Forge.
In the two counties, 67 businesses in the $150,000-plus category reported that they retained zero jobs and 27 did not have entries for the number of jobs retained.
Copyright 2023 The Business Journal, Youngstown, Ohio.