Loans Help Local Businesses Amid Pandemic | News, Sports, Jobs

0
7


Pictured here is Tom Holt, President and CEO of Lutheran Jamestown. Lutherans received $ 4.94 million through the Payroll Protection Program, one of nine businesses, nonprofits, or organizations in the county that received at least $ 2 million. Posted photo

Just over 1,300 businesses, nonprofits, and organizations in Chatoqua County have received federal assistance through the Payroll Protection Program.

Loans totaling $ 109.2 million to $ 208.2 million ranged from $ 375 for an undisclosed business in Jamestown with one registered employee to nearly $ 5 million for Maplevale Farms Inc. in Falconer with nearly 200 workers.

As reported by The Post-Journal in July 2020, nine businesses, nonprofits and organizations received at least $ 2 million in bad loans to help them maintain their workforce. Since then, the Small Business Administration has provided more data detailing how much assistance has been directed to employers of all shapes and sizes in the region.

Maplevale Farms received two PPP loans totaling $ 4.99 million, while Lutheran Social Services received approximately $ 4.94 million in loans, believed to be the largest disbursement in the county.

Douglas Necker, president of Maplevale Farms, said that “How the bottom of the world fell” March 15 last year. He said that in the first week the pandemic hit, sales fell by almost 50%.

“We are very lucky to have received a PPP loan,” Necker said: “And we are very grateful that it happened at such a difficult time.”

Lutheran loans were “Lifebuoy in many ways” said Tom Holt, CEO and President. The impact of the pandemic on the skilled nursing and adult care industries has not been so clearly visible from the outset. Since then, Holt has seen “Huge Shift” in an industry where capacity declined by 20%, resulting in a one-fifth drop in revenues.

“The payroll protection program has given us the opportunity to continue working and maintain a full staff of employees,” Holt said, adding that it remains to be seen if the throughput levels will ever return to their pre-pandemic levels. He said that more and more families are leaving their loved ones at home to care for them outside the traditional comforts.

To make matters worse, Holt said New York State has cut Medicaid reimbursement rates for nursing homes. That’s on top of the $ 1.5 million Lutherans had to pay for personal protective equipment and COVID-19 testing for residents and staff in the last calendar year.

Other organizations in Chautauqua County that have received at least $ 2 million in PPP loans include: Chautauqua Institution, $ 4.72 million; Jamestown Container Co. – $ 4.4 million; Monofrax LLC – USD 4.3 million; Brooks TLC – $ 4 million Hopes Windows Inc., $ 4 million; TitanX Engine – $ 3.4 million and AW Farrell & Son, Inc – $ 2.2 million.

Loans are forgiven if all retention criteria are met and funds are used to meet eligible costs. The payroll protection program officially ended on May 31, 2021.

According to the SBA, 12 organizations in the county have received PPP loans ranging from $ 1 million to $ 2 million; 56 received between $ 350,000 and $ 1 million; 118 received between $ 150,000 and $ 350,000; and 1,117 received amounts below $ 150,000. The SBA has not released the names of the businesses – about 5,797 saved jobs – that received less than $ 150,000 in PPP loans.

In Cattaraugus County, four organizations received loans ranging from $ 2 million to $ 5 million: the Cattaragus Rehabilitation Center in Oleana; Gowanda Holdings Inc. in Govanda; Olean Medical Group LLP in Olean; and Wellsville Carpet Town Inc. in Weston Mills.

In addition, four organizations received loans worth $ 1-2 million; 25 from 350,000 to 1 million dollars; 54 – from 150,000 to 350,000 US dollars; and from $ 644 to $ 150,000.

Data on PPP loans involving businesses and organizations in Chautauqua County can be found at: https://ppp.directory/new-york/chautauqua-county

The latest news of the day and more in your inbox





Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here