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Northern Andover businesses secured $ 91 million in federal P3 loans

NORTH ANDOVER, MA – Businesses in North Andover have received $ 91 million in loan approvals under the federal paycheck protection program, according to data released Tuesday by the Small Business Administration.

The loans went to 729 companies and ranged from $ 667 to almost $ 5 million. Applicants said the loans would help them protect 6,469 jobs in North Andover.

Neighbor Andover got even more, with $ 126 million going to 723 companies.

Data released this week includes all loans under the program passed in March as the coronavirus pandemic took hold and forced large-scale business closings and layoffs. The SBA released loan data in July, but that data only showed loans over $ 150,000 and did not include specific dollar amounts.

The Washington Post, Bloomberg and other media companies sued the SBA for releasing the full data set. In November, a federal judge ruled in favor of the media companies and ordered the SBA to release the data by December 1. Data released on Tuesday was current to November 24 and includes updates to data released in July.

Previously on Patch: These North Andover Companies Obtained PPP Loans Over $ 150,000

PPP loans are part of the CARES Act, a comprehensive COVID-19 relief program passed by Congress in the spring. Loans are repayable as long as a certain percentage is used for payroll. The program stopped receiving new requests in August, but business groups are lobbying federal lawmakers and the Trump administration to renew the program.

In North Andover, the loans went to:

  • FH Cann and Associates, a debt collection agency. Biggest loan in town: $ 4.904 million.
  • Bake’n Joy Foods, which makes baking mixes and pasta. Obtaining a loan of $ 3.2 million.
  • United Plastic Fabricating, a plastic manufacturer. Obtaining a loan of 2.8 million dollars.
  • Edgewood Retirement Community. Received a $ 1.8 million loan, which they said would protect 315 jobs, the most of all North Andover loans.
  • Proscape NA, a trucking company. Obtaining a loan of $ 667.
  • Hundreds more.

Statewide, there were nearly 118,000 loans totaling $ 14.27 billion. In their loan applications, the companies that received the loans said they would help protect 1.17 million jobs in Massachusetts.

Garry Johnson

The author Garry Johnson

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