A McDonald’s franchise owner based in Amherst, a corporate jet company in Portsmouth, a software construction firm in Nashua and six healthcare providers were among the recipients of the 14 largest Paycheck Protection Program forgivable loans in New Hampshire State, according to data released Monday by the U.S. Small Business Administration.
So far, the SBA has approved $521 billion in forgivable loans to nearly 5 million businesses across the country, including more than $2.5 billion to 23,500 companies in the Granite State. After a number of media organizations filed Freedom of Information Act requests (including one from NH Business Review) and follow-up lawsuits, the agency released a list of more than 661,000 of the recipients that got over $150,000, while keeping the rest secret.
But it did not reveal exactly how much those companies got.
Instead, it provided five loan-size ranges. Nearly 5,000 U.S. companies were in the highest range, from $5 million to $10 million, in New Hampshire, 14 received such loans.
Another 113 companies got $2 million to $5 million and 238 companies (including Yanking Publishing Inc., owner of NH Business Review) got $1 million to $2 million.
The other ranges were $350,000 to $1 million and $150,000 to $350,000.
On the other hand, more than 20,000 New Hampshire companies received less than $150,000 (the SBA released a list with the size of the loan, municipality and type of business, but not the actual name of the business). Those loans totaled $750 million, about 30% of the loan total for the entire state.
Coincidentally,
the New Hampshire Main Street Relief Program disclosed the identities
of its recipients at the end of last week. That state-run grant program,
conceived to fill some of the losses not covered by the PPP, was aimed
at smaller businesses, those with less then $20 million in revenues, and
the grants were capped at $350,000, with no mandate to spend that on
payroll.
Over 200 businesses received that top amount, but the state
listed all of the program’s 5,000 recipients, and the amount received to
the penny, including one, a Concord martial arts business, which got a
grant of $7.38.
Unlike the Main Street Relief Program, nonprofits and
healthcare providers were eligible for PPP loans, and six of the top
recipients were hospitals, including Androscoggin Hospital in Berlin,
Huggins Hospital in Wolfeboro and Speare Memorial Hospital in Plymouth.
Microdesk,
a construction software and consulting firm in Nashua, also received
one of the largest loans. It employs 300 people, including 215
consultants who work directly on projects. Half of them were idle after
the pandemic hit. The company used its PPP funds to keep them on the
payroll, allowing them to work on developing their skills until business
picked up. And after a rough May, it did, though CEO Mike DeLacey was
concerned that the virus resurgence could slow things down again in
July.
“The PPP was important because it allowed people to stay
employed, to make sure we can reopen as quickly as we shut down,” said
DeLacey.
Other recipients of the largest loans were: Select Demo
Services, Salem, 341 jobs retained; New England Finish Systems, Salem,
325 jobs; Napoli PSC Series, Amherst, a McDonald’s franchise, number of
jobs not available; PlaneSense, Portsmouth, N/A; Air General Inc.,
Portsmouth, 500 jobs; Concord Regional Visiting Nurse Association Inc.,
Concord, 395 jobs; Eastern Propane Gas Inc., Rochester, N/A; Mental
Health Center of Greater Manchester, Manchester, N/A; Riverbend
Community Mental Health Inc., Concord, 341 jobs; and The Granite Group
Wholesalers LLC, 500 jobs. — BOB SANDERS