Second-Round PPP Loans in Shenango Valley Total $128.8M
YOUNGSTOWN, Ohio – Business entities in the Shenango Valley received $128.84 million in the second round of the Paycheck Protection Program.
According to data released by the Small Business Administration, there were 2,044 corporations, nonprofits, S corporations, LLCs, independent contractors and sole proprietorships that received loans in the second round of funding, open from Jan. 11 to May 31.
While the number of loans approved by the SBA was similar to the first round offered last summer – 2,399 companies got loans then – the volume was much smaller, down about $100 million from Round One.
The decline is due largely in part to the reduction of the maximum loan amount to $2 million from $10 million. In the second round, sole proprietorships were capped at $20,833 across all of a businessperson’s operations as well.
Only one entity in Mercer and Lawrence counties received the maximum amount: Thiel College.
However, a handful of companies were near the cap, such as Grove Manor Corp. in Grove City, a senior health center, with $1,999,999 and Blackhawk Neff Inc. of New Castle, an electrical services contractor, with $1,919,536.55.
In total, 17 organizations received second-round PPP loans of more than $1 million, while 233 received $5,000 or less. Meanwhile, the first round of lending saw 43 loans above $1 million and 227 loans under $5,000.
The median loan amount in the newest round of funding was $20,832 – a sign that much of the funding went to sole proprietors and independent contractors – and the average was $63,035.14.
According to the paperwork filed with the SBA, the companies receiving loans had a total of 15,592 employees, with the average number of jobs per company at 7.63. Most of the companies, 1725, had 10 employees or fewer.
Among banks with a local presence, First National Bank of Pennsylvania had the most loans in Mercer and Lawrence counties with 514 totaling $31.45 million.
Mercer County State Bank was No. 2 with 200 loans for $9.02 million, followed by PNC Bank with 147 for $8.89 million, Huntington National Bank with 118 for $6.13 million and New Castle-based First Commonwealth Bank with 95 loans for $16.12 million.
A full list of entities in the Shenango Valley that were approved for PPP loans in the second round of the program, sorted by loan amount, can be read HERE.
While the list does contain duplicated entries, the loans were approved on different dates; there was no rule against receiving two PPP loans in the second round.
Copyright 2023 The Business Journal, Youngstown, Ohio.