Coronavirus PPP Loans In Holmdel: Where The Money Went

HOLMDEL, 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 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.

Around 22,000 businesses in New Jersey were approved for loans greater than $150,000. Loans over $150,000 account for about 925,000 jobs. Below is a breakdown of the 51 loans approved in Holmdel:

• $5 million to $10 million: 1
• $2 million to $5 million: 2
• $1 million to $2 million: 5
• $350,000 to $1 million: 15
• $150,000 to $300,000: 28

Allstate Sales Group was the sole Holmdel recipient of the $5 million to $10 million loan, while The Beverage Works NY and Twin Diamond Operator both received loans of $2 million to $5 million.

Two houses of worship in Holmdel, St. Benedict Church and Church of Saint Catharine, received loans of $350,000 to $1 million and $150,000 to $350,000 respectively. St. John Vianney High School also received a loan for $1 million to $2 million.

Several area eateries were also approved for PPP loans, including Patricia’s of Holmdel, receiving $350,000 to $1 million, and Gabriella’s Italian Steakhouse, with a loan of $150,000 to $350,000.

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.