Coronavirus PPP Loans In NJ: Where The Money Went

NEW JERSEY — The U.S. Small Business Administration and U.S. Treasury released details of the country’s massive Paycheck Protection Program that helped New Jersey businesses affected by the coronavirus pandemic (see list below).

More than 4.9 million loans over $150,000 were made to businesses and nonprofit organizations across the country; the total amount for approved loans over that amount was more than $521 billion.

Around 22,000 businesses in New Jersey were approved for loans greater than $150,000. Loans over $150,000 account for about 925,000 jobs. Below is a breakdown of the amounts approved in New Jersey:

• $5 million to $10 million: 162
• $2 million to $5 million 844
• $1 million to $2 million: 1,823
• $350,000 to $1 million: 6,689
• $150,000 to $300,000: 12,339

Loans to New Jersey businesses ran the gamut and included higher education institutions, private schools, manufacturers, car washes, real estate agent companies and non-profits.

Jenkinson's in Point Pleasant Beach got between $1 million and $2 million. Care Plus NJ in Paramus received between $5 million and $10 million, which helped support 401 jobs, according to the SBA data. The Dwight-Englewood School got between $2 million and $5 million, which helped support 304 jobs. High Grade Beverage in North Brunswick got a loan between $2 million and $ 5 million, which helped support 258 jobs.

The list of the recipients is below, although a number of businesses are now reporting that the list, in some instances, contains "some big errors," according to CNBC.

The loans are made by lending institutions including banks and credit unions and are guaranteed by the SBA. All PPP loans are subject to review by the SBA and all loans over $2 million are automatically reviewed by the SBA.

“Because a borrower is listed in the data as having a PPP loan does not mean that SBA has determined that the borrower complied with program rules or is eligible to receive a PPP loan and loan forgiveness,” the SBA said in a statement about the data release.

The average size of a PPP loan is around $107,000 and 86.5 percent of all loans were for less than $150,000, according to the SBA.

PPP loans have an interest rate of one percent and can be fully forgiven if they are used to payroll costs, interest on mortgages, rent and utilities.

Below is a searchable database of New Jersey loans over $150,000.