Valley Businesses Got $387M in Round 2 PPP Loans
YOUNGSTOWN, Ohio – Companies across the Mahoning Valley received just shy of $387 million in the second round of the Paycheck Protection Program.
According to data released by the Small Business Administration, there were 8,277 loans approved to businesses based in Mahoning, Trumbull and Columbiana counties. The total loan amount across the three-county area was $386,922,348.
The median loan was $19,937, significantly smaller than the first round of the program.
In the first round of PPP lending, open from mid-March to August last year, the median loan amount was $31,102.50.
Part of that decrease stems from limitations in the second round, namely the lowering of the maximum amount to $2 million from the $10 million available in the first session. Sole proprietorships were capped at $20,833 across all of businessperson’s operations in the second PPP round.
Eleven companies received the maximum loan amount. They include::
- WSB Rehabilitation Services, Canfield.
- Hickey Metal Fabrication and Roofing Co., Salem.
- Liberty Steel Industries Inc., Warren.
- Covelli Family Limited Partnership III, Warren.
- Raising Dough NC LLC, Warren.
- Brilex Tech Services Inc., Youngstown.
- Community Bus Services Inc., Youngstown.
- The Dearing Compressor and Pump Co., Boardman.
- Chestnut Land Co., Boardman.
- Pennsylvania Tool Sales & Services Inc., Boardman.
- Hynes Industries Inc., Austintown.
While not quite at the cap, AVI Food Systems, Warren, received approval for a PPP loan of $1,999,998.
In total, there were 47 loans valued at more than $1 million, as well as 1,013 loans for less than $5,000. By comparison, the first round of PPP lending saw 130 loans of more than $1 million and 536 loans under $5,000.
While the total and median volume was lower than the first time through the program, more businesses were reached – 8,277 in the second round of funding, compared to 6,165 in the first round.
According to SBA data, the local companies receiving loans had a total of 45,587 jobs, for an average 5 1/2 jobs per company. Of the local businesses getting PPP loans in the second round, 7,386 reported having 10 or fewer employees.
Among financial institutions with a local presence, Huntington National Bank was the top lender in terms of both the number of loans and loan volume with 777 loans totaling $70,141,530.04.
Valley Economic Development Partners ranked second with 502 loans totaling $12,703,986.16, followed by Farmers National Bank with 441 loans totaling $35,761,172.74, Premier Bank with 348 loans totaling $29,534,533.91 and PNC Bank with 283 loans totaling $27,059,635.15.
A full list of companies who 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.