YOUNGSTOWN, Ohio – Business entities in the Shenango Valley have received $ 128.84 million in the second round of the Paycheck Protection Program.
According to data released by the Small Business Administration, 2,044 corporations, nonprofits, S corporations, LLCs, independent contractors, and sole proprietorships received loans in the second round of funding, which ran from January 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 then obtained loans – the volume was much smaller, down about $ 100 million from the first. tower.
The decrease is largely due to the reduction in the maximum loan amount from $ 10 million to $ 2 million. In the second round, sole proprietorships were also capped at $ 20,833 for all of a businessman’s operations.
Only one entity in Mercer and Lawrence counties received the maximum amount: Thiel College.
However, a handful of companies were near the ceiling, 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 service contractor, with $ 1,919,536.55.
A total of 17 organizations received second-round PPP loans over $ 1 million, while 233 received $ 5,000 or less. Meanwhile, the first round of loans saw 43 loans over $ 1 million and 227 loans under $ 5,000.
The median loan amount in the last funding round 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 documents filed with the SBA, companies receiving loans had a total of 15,592 employees, with the average number of jobs per company being 7.63. Most of the companies, 1725, had 10 or fewer employees.
Among locally established banks, the First National Bank of Pennsylvania had the most loans in Mercer and Lawrence counties with 514 for a total of $ 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 First Commonwealth Bank based in New Castle with 95 loans for $ 16.12 million.
A full list of Shenango Valley entities that were approved for PPP loans in the second round of the program, sorted by loan amount, can be read HERE.
Although the list contains duplicate entries, the loans were approved on different dates; there was no rule against receiving two PPP loans in the second round.
Copyright 2021 The Business Journal, Youngstown, Ohio.