These Middletown-Area Businesses Received Coronavirus PPP Loans

MIDDLETOWN, NJ — This week, the U.S. Small Business Administration and U.S. Treasury released details of the country's massive Paycheck Protection Program (PPP), which helped thousands, if not millions, of U.S. businesses affected by the coronavirus pandemic.

And below are all the Middletown-area businesses and institutions that received loans of more than $150,000.

You'll find a wide variety of recognizable local businesses on the list, from Guttenplan's frozen dough, T&M Associates (which does municipal engineering and road work), the church of Saint Leo the Great in Lincroft, Mater Dei Prep high school, Food Circus, Pet Supplies Plus on Hwy. 35 and many more.

Some very well-known New Jersey businesses received millions in PPE loans: Jenkinson's in Point Pleasant Beach got between $1 million and $2 million. Care Plus NJ in Paramus received between $5 million and $10 million, which helped support 401 jobs.

Put "Middletown" in the search bar here: https://public.flourish.studio/visualisation/3110958/ or search here: https://docs.google.com/spreadsheets/d/14f6PJfcGPHRaSARKVAdQPbkpwKPKAk6s0oE6IyovdwQ/edit#gid=103657121

The loans were given out by banks and credit unions and are guaranteed by the Small Business Administration (SBA).

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.

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.