More on Medfield PPP loans

Posted on July 10, 2020 | Comments Off

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Medfield’s Smaller PPP Loans Totaled Over $9 Million

Nearly 1,000 jobs were retained due to the PPP loans that were under $150,000, according to data from the federal government.

By Jimmy Bentley, Patch Staff

Jul 9, 2020 1:40 pm ET

MEDFIELD, MA — More than 240 companies and non-profits in Medfield received loans of less than $150,000 from the Paycheck Protection Program, or PPP, helping retain nearly 1,000 jobs.

The U.S. Small Business Administration on Monday released some details of the companies that received loans under the coronavirus stimulus package. While it named all the companies that received loans of over $150,000, it did not name companies that received less than that.

Still, the numbers showed that 242 companies and non-profits got smaller loans totaling $9,152,604.51, helping retain 972 jobs.

Thirty-five businesses and non-profits in Medfield received loans of $150,000 or more from the PPP, helping retain 740 jobs. You can see those here.

PPP loans were established as part of the federal government’s CARES act, and are similar to grants: they will be forgiven as long as businesses keep its employees on their payroll, without cutting their pay. However, the money does not necessarily have to go directly to employees as long as the business keeps paying them, it can also be used to pay interest on mortgages, rent, and utilities.

On Monday, the government released data showing that nearly 5 million businesses have received PPP loans totaling over $521,000,000,000. The U.S. Treasury says that money has supported 51.1 million jobs, as much as 84 percent of America’s small business employees.

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More on Medfield PPP loans

Medfield’s Smaller PPP Loans Totaled Over $9 Million

Nearly 1,000 jobs were retained due to the PPP loans that were under $150,000, according to data from the federal government.

By Jimmy Bentley, Patch Staff

Jul 9, 2020 1:40 pm ET

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More on Medfield PPP loans

Medfield’s Smaller PPP Loans Totaled Over $9 Million

Nearly 1,000 jobs were retained due to the PPP loans that were under $150,000, according to data from the federal government.

By Jimmy Bentley, Patch Staff

Jul 9, 2020 1:40 pm ET

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Osler ”Pete” Peterson

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Medfield

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