Coronavirus PPP Loans In Hillsborough: Where The Money Went

HILLSBOROUGH, NJ — The U.S. Small Business Administration and U.S. Treasury released details of the country’s massive Paycheck Protection Program that helped New Jersey businesses, including in Hillsborough, affected by the coronavirus pandemic (see list below).

More than 4.9 million loans over $150,000 were made to businesses and nonprofit organizations across the country; the total amount for approved loans over that amount was more than $521 billion.

110 businesses in Hillsborough were approved for loans greater than $150,000. Below is a breakdown of the amounts approved in Hillsborough:

• $5 million to $10 million: 0
• $2 million to $5 million: 3
• $1 million to $2 million: 9
• $350,000 to $1 million: 36
• $150,000 to $300,000: 127

Loans to Hillsborough businesses included: Landscape Maintenance Services received between $2 million and $5 million, which helped support 441 jobs, according to the SBA data. Foothill Acres Rehabilitation and Nursing Center got between $1 million and $2 million, which helped support 130 jobs. Belle Mead Animal Hospital also got a loan between $350,000 and $1 million, which helped support 41 jobs. Stellar Academy of Hillsborough received between $150,000 and $350,000, which helped support 35 jobs.

The list of the recipients is below, although a number of businesses are now reporting that the list, in some instances, contains "some big errors," according to CNBC.

The loans are made by lending institutions including banks and credit unions and are guaranteed by the SBA. All PPP loans are subject to review by the SBA and all loans over $2 million are automatically reviewed by the SBA.

"Because a borrower is listed in the data as having a PPP loan does not mean that SBA has determined that the borrower complied with program rules or is eligible to receive a PPP loan and loan forgiveness," the SBA said in a statement about the data release.

The average size of a PPP loan is around $107,000 and 86.5 percent of all loans were for less than $150,000, according to the SBA.

PPP loans have an interest rate of one percent and can be fully forgiven if they are used to payroll costs, interest on mortgages, rent and utilities.

Below is a searchable database of New Jersey and Hillsborough loans over $150,000.