Some Industries In Md., Regions Get Big Results In Landing PPP Loans – Maryland Daily Record
Businesses and nonprofits in four of Maryland’s seven congressional districts have received nearly three-quarters of the state’s paycheck protection program loans totaling less than $ 150,000. Baltimore accounted for about a tenth of these small loans, more than any city in Maryland. Nonetheless, the 7th Congressional District, which covers part of the city of Baltimore, received only 2.7%, less than any other district.
The 7th District, which encompasses just over half of the city, parts of Baltimore County and the majority of Howard County, is a majority minority neighborhood where people who identify as other than whites make up almost 65% of the population.
The 1st, 3rd, 6th and 2nd arrondissements received the most loans under $ 150,000. Their constituents make up about half of Maryland’s population.
In total, nearly 13,000 Maryland businesses, ranging from independent drugstores and chain restaurants to car dealerships and hoteliers, have received approximately $ 10 billion in federal assistance.
The program provides up to $ 10 million in loans to small businesses to help them weather government shutdowns meant to slow and contain the spread of the novel coronavirus.
In data provided by the Small Business Administration, Paycheck Protection Program loans have been divided into two categories: small loans, those under $ 150,000, and large loans, those over 150,000. $. The exact loan amounts were not provided for large loans, only the ranges. Addresses and business names were not provided for small loans.
Maryland businesses and nonprofits received just over 68,000 small loans totaling nearly $ 2.5 billion. Within this group, full-service restaurants, dentists, doctor’s offices (excluding mental health professionals), lawyers, and religious organizations received the most money in that order. This represented just under 17 percent of all small loans received by the government.
Dentists, hospitals and physicians received approximately $ 183 million in the form of more than 3,400 loans. Hotels and bars received small loans totaling around $ 28 million. Full-service restaurants received more than $ 100 million, which represents almost five percent of all small loans. There have been 1,500 loans made to religious organizations, totaling nearly $ 57 million.
Primary and secondary schools, including parish schools, received only 0.2 percent of small loans.
Maryland’s businesses and nonprofits have just under 13,000 large loans, totaling about $ 5.1 billion to about $ 12.3 billion.
Within this category, new car dealers, physician’s offices, full-service restaurants, engineering services, and plumbing, heating and air conditioning contractors were among the industries receiving the most money. It is not possible to rank these industries in the order of the highest recipient, since the data only provide loan ranges.
Plumbing, heating and air conditioning contractors received approximately $ 130 million to $ 310 million. The other four industries received similar amounts, ranging from approximately $ 140 million to $ 345 million.
National data released by the US Small Business Administration indicated that five sectors – health care and social assistance; professional, scientific and technical services; construction; manufacturing; and hotels and restaurants – accounted for over 56% of all loans.
Paycheck Protection Program loans are canceled if companies use a certain percentage of the loans to continue paying workers.
There is about $ 132 billion available for additional loans for the program, which runs through August 8.
In Maryland, 86 businesses and nonprofits received between $ 5 million and $ 10 million; 537 received between 2 and 5 million dollars; and over 5,100 were loaned between $ 350,000 and $ 1 million.
In Maryland and nationally, the hospitality and entertainment industry – hotels, restaurants and casinos – has been particularly hard hit.
The hotels were not technically closed under any order statewide. Some local jurisdictions, however, have issued their own restrictions. All were limited to some extent by state restrictions on the number of people who could assemble.
The industry has reported more than one in three jobs lost in the first two months of the pandemic in Maryland. In total, the sector posted a decline of 120,000 jobs in April compared to March and more than 137,000 jobs compared to February 2020.
A total of 150 hotels in Maryland received loans totaling between $ 51.3 million and $ 125.8 million for approximately 10,500 jobs.
Five received between $ 2 million and $ 5 million, including the Four Seasons in Baltimore and the Hyatt Regency in Bethesda to protect more than 1,030 jobs.
Twenty hotels in Ocean City have received loans totaling between $ 5.4 million and nearly $ 13.9 million.
In Bethesda, 14 hotels received between $ 10.4 million and $ 25.2 million.
More than a dozen hotels in Baltimore have received between $ 5.8 million and $ 14.4 million, including the Holiday Inn Express on Russell Street, next to the Horseshoe Casino. Hotel owners said the loan of between $ 150,000 and $ 350,000 would secure 32 jobs.
Likewise, three hotels in Hanover near the Maryland Live Casino received a total of 450,000 to nearly $ 1.1 million to secure 104 jobs. All three hotels appear to be operated by companies owned by a Delaware-based real estate investment trust.
Restaurants generally fall into two categories in the program: full service and limited service.
For more than two months, restaurants across the state have been ordered to provide only take-out and sidewalk service
More than 600 full-service restaurants received between $ 77 million and $ 333 million for more than 31,400 jobs.
Major recipients included Silver Diner Development from Rockville and Mission BBQ Management from Glen Burnie. Both have reportedly received loans worth between $ 5 million and $ 10 million to protect 500 jobs each.
The group that owns Seacrets in Ocean City has received between $ 2 million and $ 5 million to protect more than 280 jobs, according to federal records.
Popular restaurant Pizza John’s in Baltimore County received between $ 350,000 and $ 1 million to protect 135 jobs.
The owners of two quick-service restaurant franchises have been approved for two of the program’s largest loans.
The RC Group, an Annapolis-based franchise of Yum Brands, has secured a loan ranging from $ 5 million to $ 10 million to secure up to 500 jobs, the data shows. The company, which is owned by Bob Carlucci, operates franchises, including 23 Taco Bells and a KFC in Maryland, as well as branches in Delaware and Virginia. The company, on its website, identifies itself as the operator of most Taco Bell franchises in Georgia.
Elkridge-based Lemek LLC secured a loan in the same range as The RC Group, to secure 500 jobs. The company operates at least four Panera Bread franchises in Maryland.
A total of 168 businesses that fall under the limited-service restaurant category have been approved for a total loan amount ranging from nearly $ 66 million to $ 154 million for nearly 16,000 reported jobs.
Two well-known establishments in Annapolis – Chick & Ruth’s Delly and Harry Browne’s on State Circle – each received between $ 150,000 and $ 350,000.