Data released by the U.S. Small Business Administration (SBA) on July 6 shows that more than 200 businesses with postcodes in Lebanon County have received Paycheck Protection Program (PPP) loans of at least $ 150,000. , and nearly 1,200 others borrowed smaller amounts.
PPP is a loan program that Congress created when it passed the CARES (Coronavirus Aid, Relief, and Economic Security) law. The provision of the CARES Act aims to help small businesses, self-employed, sole proprietorships and nonprofits continue to pay their workers during the COVID-19 pandemic.
Loan amounts are linked to the average monthly payroll of a business.
Local businesses receiving PPP loans of at least $ 150,000 were named in the dataset, while those borrowing less than $ 150,000 were not.
The US Treasury Department and the SBA initially had resisted publish information on the taxpayer-funded program, citing the sensitivity of information on the income and wages of corporate borrowers, but ad the release of the information on July 6.
“Today’s release of loan data strikes the right balance between transparency and protection of salary and personal income information for small businesses, sole proprietors and independent contractors,” the secretary said. US Treasury Department Steven Mnuchin regarding the availability of the dataset.
Under the P3, businesses can get loan forgiveness if the money is used for payroll, mortgage interest, rent, and utilities, and if certain employee and compensation levels are maintained. Businesses don’t have to keep their employees, but if they don’t, the loan amount forgiven will be reduced and businesses will have to repay the outstanding amount, at one percent interest. , within 24 months.
Number and amounts of loans from the county of Lebanon
The SBA has not released the exact amounts of all money loaned to local businesses under the P3. Instead, he bracketed the amounts and number of loans as follows:
- $ 5-10 million: 2
- $ 2-5 million: 6
- $ 1 to $ 2 million: 19
- $ 350,000 to $ 1 million: 67
- $ 150,000 to $ 350,000: 109
- Less than $ 150,000: 1,192
Exact loan amounts are included for loans less than $ 150,000, but as mentioned above, the names of these companies are not.
Just under $ 42 million was distributed to local businesses through loans of less than $ 150,000, with an average loan size of around $ 35,000. About 6,100 jobs have been “retained” through this program, a loosely defined concept that generally refers to the overall workforce of a business, with an average of five jobs retained per loan. This works out to about $ 6,900 per job retained. The main industries represented in these loans were religious organizations (47), “all other personal services” (35), “all other business support services” (34), real estate agents and brokers (32) and full service restaurants (30).
At least $ 80.8 million has been distributed to local businesses through loans greater than $ 150,000, with about 11,000 jobs retained or an average of 55 jobs per loan. This comes down to about $ 7,300 per job retained, although this is a lower limit based on using the minimum amounts for each of the loan tranches described above. The main industries represented in these loans were new car dealers (7), electrical contractors (7), full-service restaurants (6), doctors (5) and dentists (4), machining (5) and plumbing / heating / air conditioning contractors (5).
About 42 percent, or 84, of loans over $ 150,000 were made to businesses in zip code 17042. Additional zip codes with more than 10% of loans were 17046 (33 loans, 16%), 17067 ( 24 loans, 12%) and 17,078 (23 loans, 11%).
About 32%, or 381 loans, of less than $ 150,000 were made to businesses within zip code 17042. Additional zip codes with more than 10 percent of loans were 17078 (209 loans, 18 percent), 17046 ( 163 loans, 14 percent), 17,067 (120 loans, 10 percent) and 17,003 (120 loans, 10 percent).
Main borrowers, number of jobs that should be retained
The top eight borrowers and the number of jobs they said they expected to keep with the P3 loan money are:
$ 5,000,000 to $ 10,000,000
- Weber, Inc .: 500 jobs retained
- Consulting services in Pennsylvania: 500 jobs retained
$ 2,500,000 to $ 5,000,000
- Cornwall Manor: no number given
- Cedar Haven Acquisition, LLC. : 400 jobs retained
- APR Supply Co.: 312 jobs retained
- Denmar Associates, Inc .: 307 positions retained
- PPC Lubricants, Inc .: 219 jobs retained
- Everlast Roofing, Inc .: 215 jobs retained
Fulton Bank was the lender on 69 (34%) of loans of $ 150,000 and over, including three of eight loans of $ 2 million or more. Fulton Bank was the only lender to have managed more than one of the eight largest PPP loans.
Other financial institutions that made seven or more loans of at least $ 150,000 were:
- Community Bank of First Citizens: 17
- First National Bank of Pennsylvania: 13
- Trust Co. Manufacturers and Traders: 10
- Truist Bank d / b / a Branch Banking & Trust: 10
- Jonestown Bank: 9
- 1st Federal Credit Union members: 8
- Peoples Security Bank & Trust Co .: 8
- Orrstown Bank: 7
- North West Shore: 7
Fulton Bank was also the largest originator of loans under $ 150,000, with 311, or about 26%. Jonestown Bank was the second largest originator, with 194 loans, or around 16%, followed by First National Bank (82 loans, 7%) and First Citizens (81 loans, 7%).
A searchable PPP loan database is accessible here. To view the LebTown data used to report this article, Click here. Additional figures accessible in this spreadsheet include the breakdown of loans between different cities and zip codes in Lebanon County, as well as the breakdown by sector.
Watch for more LebTown reports against this data in the days and weeks to come.
Note on the methodology: LebTown data was constructed by filtering aggregate files for zip codes which are primarily contained within Lebanon County. However, as noted in our COVID-19 tracker, zip codes do not fall perfectly within county boundaries, and as a result, some included businesses may be located outside of county boundaries. Likewise, we have omitted postal codes that contain limited amounts of land in Lebanon County, such as 17545 (Manheim), 19551 (Robesonia), 19567 (Womelsdorf) and 17963 (Pine Grove). We continue to refine the data and may update this article in the future.
Do you know of any news from Lebanon County that we should cover? Join our editorial staff using the form below.
Give the gift of local journalism.
If you are grateful for what LebTown brings to the community, consider joining our cause as a member. Members get a snapshot of our weekly posting schedule, as well as invitations to our members-only Facebook group and happy hours.
Sign up for an annual membership using the link below and we’ll give you a free LebTown mug at the next happy hour.
Full Disclosure: Jonestown Bank & Trust Co. is an advertiser on LebTown. LebTown does not make editorial decisions based on ad status, and advertisers do not receive special editorial treatment. Learn more about LebTown’s ad program here.
Davis Shaver contributed reporting for this article.