Coronavirus Paycheck Protection Loans In Bowie: Who Got The Money

BOWIE, MD — As coronavirus spread throughout the country, many companies struggled to survive while they were temporarily out of business. In hopes of saving jobs during the outbreak, the federal government launched an effort to help businesses pay their employees and avoid layoffs.

That aid effort, called the Paycheck Protection Program, helped save millions of jobs around the country. Now, a list of businesses that received a PPP loan is public.

Most loans were worth less than $150,000, but the U.S. Small Business Administration announced all the companies that were awarded more than that threshold. Altogether, 121 Bowie businesses received loans worth more than that $150,000 mark.

The most notable business to secure a PPP loan was the Bowie Baysox, a minor league affiliate of the Baltimore Orioles. The Baysox earned a loan worth between $150,000 and $350,000.

Landing this extra money saved the team from laying off 15 people. The Baysox will not play this year, however, as Minor League Baseball canceled its season because of coronavirus concerns.

The earliest Bowie businesses sacked PPP loans was on April 10 when four companies landed the extra cash. Insight Technology Solutions took home the biggest loan that day, worth between $2 million and $5 million. The loan has spared 175 jobs with the company.

The most recent business to get approved was BossBadies, an online clothing store. Its loan was approved on June 30. Its $150,000 to $350,000 loan has saved the business 18 jobs so far.

Seven nonprofits won awards worth more than $150,000. Five of those nonprofits were church-related enterprises, and three of them said the loan did not help them retain any jobs.

Twenty one businesses reported saving zero jobs with the PPP loan. Immaculate Healthcare Services, on the other hand, retained a Bowie-high 500 jobs with its $2 million to $5 million loan.

No Bowie businesses received an A list loan, which were worth between $5 million and $10 million. Four companies won B list loans valued at $2 million to $5 million. Six businesses won C list loans for $1 million to $2 million. The remaining 111 businesses earned awards worth between $150,000 and $1 million.

The PPP loans were born on March 27 when the federal government initiated the CARES Act, which aimed to provide economic relief during the coronavirus crisis. The loans are similar to grants. Businesses will only have to repay them if they layoff workers or cut their pay.

Companies do not need to spend the money directly on employee paychecks, however. As long as a business continues paying its workers, the money can be used to pay mortgage interest, rent and utilities

Altogether, more than 5 million American businesses were granted PPP loans. The loans totaled more than $500 million, according to the data released by the small business administration. The loans have supported 51 million jobs, or about 84% of the country’s small business workers.

Here are all the companies in Bowie that earned PPP loans worth more than $150,000.

• Coronavirus Paycheck Protection Loans in MD: Where the Money Went

Patch editors Rich Scinto, David Copeland and Elizabeth Janney contributed to this report.

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