Natick, Marlborough Tops In MA For Pandemic Stimulus Loans

NATICK, MA — New data released this week on the federal Paycheck Protection Program (PPP) show that Natick and Marlborough were in the top 20 communities for total dollars received, shedding more light on a program designed to keep businesses afloat through the coronavirus pandemic.

The new data was revealed after a lawsuit brought in part by the Boston Business Journal's parent company. Over the summer, the U.S. Small Business Administration, which oversaw the PPP program, released the names of businesses that got over $150,000 in loans. The new data released this week includes loans that were given out in July and August.

According to the Boston Business Journal, 846 Natick businesses received loans totaling about $103 million, the 19th highest amount in the state by zip code. Marlborough was No. 17 with 796 loans totaling $116 million.

As of July, about 5 million businesses across the U.S. received PPP loans totaling over $521 billion. The U.S. Department of the Treasury has said the loans supported 51.1 million jobs, as much as 84 percent of America's small business employees. Businesses can have the loans forgiven if they use the money for payroll, rent, and other business costs.

Many local small businesses received loans. More than 80 in Marlborough, ranging from Kennedy's Irish Pub to the Christo Driving School, got between $150,000 and $350,00o to retain employees, according to federal data.

But the loans didn't just go to small businesses. Marlborough-based ExaGrid Systems, an international company that makes computer hardware, received between $5 and $10 million in PPP loans. Framingham-based PR Restaurants LLC, which operates 61 Panera Bread restaurants across New England, also got between $5 and 10 million.

The zip code that cover's Boston's financial district received the highest dollar amount in the state at nearly $300 million, according to the BBJ.