![]() ![]() They employed, on average, 181 people each, compared with an average of 14 people each for smaller businesses that obtained loans. Thus, 2 percent of the companies that received loans obtained 33 percent of the funding. T hree hundred forty-three companies borrowed $1 million or more, for a total of $707.2 million. That’s to be expected, given that the cost of payroll was a major factor in determining loan size. Larger companies, with presumably more resources to pursue loans, were among the biggest recipients. “If you were a bigger company - if you were a law firm or an accounting firm that was used to putting in proposals to banks - you were going to end up being at the front of the line,” he said. The loans are forgivable, if spent according to the rules.įred Floss, a professor and economist at Buffalo State College, said the program design, which relied on banks to process loan requests, favored larger companies. Sixty percent of the loan was earmarked to cover 2.5 months of payroll, but the rest could go to other operating expenses, including rent. Funds went primarily to companies and nonprofits with up to 500 employees. Nationally, the Paycheck Protection Program disbursed loans worth $523 billion. Offices of Physicians, Mental Health Specialists ![]() Nursing Care Facilities (Skilled Nursing Facilities)Įlectrical Contractors and Other Wiring Installation ContractorsĬommercial and Institutional Building ConstructionĪll Other Professional, Scientific, and Technical ServicesĪll Other Miscellaneous Store Retailers (except Tobacco Stores) Plumbing, Heating, and Air-Conditioning Contractors Offices of Physicians (except Mental Health Specialists) Largest loan recipients by industry Industry They see a lot of people, they employ a lot of people and they pay well,” McMahon said. McMahon, a senior fellow at the Empire Center for Public Policy, called the industry rankings “predictable.” Professional specialities and services, like doctors and lawyers, are high-wage, high-volume businesses, he said. Next were car dealers, lawyers and construction contractors.Į.J. Out of all for-profit industries, full-service restaurants received the most money, $87.6 million. Between them, they obtained $13.2 million. Other big borrowers include familiar local brands: Perry’s Ice Cream, Dunn Tire and NOCO, among them.Ī pair of the region’s biggest law firms - Hodgson Russ and Phillips Lytle - rank as the 10th and 11th largest loan recipients. New Era Cap, widely criticized by public officials earlier this year for taking PPP money then laying off 117 employees, received the third-largest loan, $8.4 million. Two businesses got the maximum $10 million loan allowed under the Paycheck Protection Program: Ferguson Electric and the Buffalo Medical Group. But a fraction of the companies - some 5 percent - received about half that sum. The loans were worth $2.2 billion, altogether. To be exact, 18,768 in the eight counties of Western New York. A lot of businesses received forgivable loans from the federal government to help them through the pandemic. ![]()
0 Comments
Leave a Reply. |