In April, after Gov. Cuomo enacted the PAUSE Act that shut down all non-essential businesses in NYS, the Small Business Administration (SBA) received $349 billion from the Federal government via the Cares Act to loan out to small businesses struggling to survive during the crisis. The loan program is called the Payment Protection Program, or PPP, and is meant to supply business owners with the means to maintain their workforce. In Bushwick, 90% of the loans given to a total of 3,125 businesses were small loans of less than $150K and nearly 25,000 jobs were retained as a result.
The first round of PPP loans were distributed in early April after a rough start, and the second round of the program is currently open for applications.
The program is designed as a forgivable loan disbursement such that recipients do not need to pay back the loan if the funds are used for the eligible expenses as outlined by the SBA and all employee retention criteria are met. Businesses with fewer than 500 employees, as well as sole proprietors, independent contractors and non-profit organizations in need of aid can apply for the program directly through a certified lender (most big-name banks) or any federally insured credit unions, depository institutions or Farm Credit System. The application process includes the submission of a self-reported business and salary record for the last 12 months. See the full list of approved lenders and application details here.
As of yesterday at 5 p.m., The SBA has officially approved nearly 5 million loans totalling to $517,451,965,102 with an on-average loan of $105,389.
The map below shows where Bushwick, outlined in black, falls relative to other neighborhoods represented by zip code in terms of total number of loans received as of July 13, 2020.
The SBA divides the data first into two groups: businesses receiving $150K or more in loans and businesses receiving less than $150K. The latter is broken down by zip code, lender and exact dollar amount, but does not disclose individual business names, while the former is deconstructed into tiers of loan amounts: (a) $5-10 million, (b) $2-5 million, (c) $1-2 million, (d) $350K-$1 million, (e) $150K-$350K, and identified by zip code and business name. And the embedded interactive map provides the number of jobs retained by zip code.
Using the data published by both the SBA and RentHop, we’ve outlined the loans received by businesses here in Bushwick. Out of the 3,125 Bushwick businesses that received loans, 307 (10%) received more than $150K, while 2,838 (91%) received less than $150K. The following breakdown lists the number of loans given and jobs retained in each zip code of the Bushwick area as well as the top three businesses that received the most money in each zip code, the tier that they belonged to, and noteworthy Businesses of interest.
11237 there were 710 loans given and 5,953 jobs retained
» 589 of the 710 loans were below the $150K cut off;
» The single largest loan was given to Adam’s Contracting Company – tier (a);
» Followed by The Coalition for Hispanic Family Services – tier (b);
» And Make the Road New York, Inc – tier (b).
11206 there were 1,077 loans given and 8,832 jobs retained
» 917 of the 1,077 loans were below the $150K cut off
» The largest loans were given to Consensys Inc- tier (a)
» Riseboro Community Partnership Inc – tier (a); and
» Riseboro HomeCare, Inc – tier (a); plus
» Bedford Stuyvesant New Beginnings Charter School – tier (c).
11207 there were 666 loans received and 5,577 jobs retained
» 567 of the 666 loans were below the $150K cut off;
» The largest loans were given to A-Plus Care HHC, Inc – tier (b);
» Alliance Health Operations LLC – tier (b);
» Allied Transit Corp – tier (c).
11221 there were 672 loans and 4,590 jobs retained
» 591 of the 672 loans were below the $150K cut off
» The largest loans were given to Advanced Care Staffing LLC – tier (a);
» Ultimate Care Inc – tier (a);
» A.F. Supply Group – tier (b); plus
» Brooklyn Emerging Leaders Charter School – tier (d); and
» Math, Engineering & Science Academy Charter School – tier (d); and
» TILTZ Sports Bar & Arcade – tier (e).
Find more information on Bushwick PPP loans here and here, and keep an eye out for our next analysis of these businesses.
The RentHop analysis also provided the following ranking of loans received by industry in NYC:
Cover photo via Getty Images.
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