Ocean City PPP Loans: Local Gems, Year-Round Businesses Helped

OCEAN CITY, NJ — The U.S. Small Business Administration and U.S. Treasury released details of the country's massive Paycheck Protection Program that helped 29 local businesses affected by the coronavirus pandemic.

Several local favorites in Ocean City received loans, such as Johnson's Popcorn, Inc. and 7th Street Surf Shop. But you'll also notice many businesses that aren't necessarily tourist draws but help Ocean City operate year-round.

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. Read more: Coronavirus PPP Loans In NJ: Where The Money Went

The list of the recipients is below, although a number of businesses are now reporting that the list 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.

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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.

Here is the list of Ocean City businesses on the list, and the number of jobs for which the money is supposed to account:

$350,000-1 million

• AMERICA CONVENTION EXHIBITOR SERVICE, LL: 12
• ARCHITECTURAL METAL DESIGNS, INC.: 36
• METAL STRUCTURES, INC.: 40
• S & T MANAGEMENT GROUP LLC: 19
• THE FLANDERS CONDOMINIUM ASSOCIATION: 85
• THOMAS H. HEIST INSURANCE AGENCY: 60

$150,000-350,000

• 7TH STREET SURF SHOP-SBA SMALL 7A TERM: job total not listed
• COASTAL CHRISTIAN OCEAN CITY INC: 18
• DEREK MISTERMAN GENERAL CONTRACTING SERVICES, LLC: 30
• FORD, SCOTT & ASSOCIATES, LLC: 21
• G.A.R. SALES INC.: 31
• GILAMCO, INC.: 80
• HALLIDAY LEONARD INC: 22
• HYLAND DESIGN GROUP INC-SBA SMALL 7A TERM: job total not listed
• JM REID GROUP INC: six
• JOHNSON'S POPCORN, INC.: 28
• LENEGAN PLUMBING & HEATING, LLC: 27
• LIBERTY ENTERTAINMENT USA, LLC: three
• MAGTON INC: 10
• OCEAN CITY FAMILY PRACTICE PA: 11
• PMO INC: 56
• S&T AMUSEMENT CO: 344
• SAMPLE MEDIA INC.: 15
• SAMUEL JOHNSON'S ELECTRIC INC.: 14
• SHOEMAKER LUMBER CO INC: 28
• SHRIVER'S SALT WATER TAFFY & FUDGE: 28
• SIR MAGNUS LTD LLC: 17
• STELL EXTERIORS INC: job total not listed
• WILSON PLUMBING, LLC: 17

Read more: NJ Coronavirus, Reopen Updates: Here's What You Need To Know

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