These CT employers got the maximum $10M in PPP funding
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CONNECTICUT, USA (Hartford Business Journal ) — Newly published data from the U.S. Small Business Administration reveals that five Connecticut employers, two of which are in Hartford, received the $10 million maximum loan from the Paycheck Protection Program this year.
The data, ordered released by a federal judge after the Washington Post and nine other organizations sued the SBA to reveal it, provides more specific details about potentially forgivable PPP loans of all sizes, which the SBA had previously reported in dollar-amount ranges, such as $5 million to $10 million, but not by specific amounts.
According to a searchable database of the information published by the Washington Post last week, the five Connecticut companies that received the maximum $10 million loan included:
*Hartford-based law firm Day Pitney, which told the SBA its loan supported 477 jobs.
*Hartford-based Propark Inc., which operates parking lots and garages, which did not list a job count.
*Stamford-based Cenveo Worldwide Limited, a publicly traded producer of envelopes, labels and other printed products, which listed 500 jobs.
*Monroe Staffing Services, a Shelton-based employee placement agency, which listed 500 jobs.
*Shelton-based Service Management Group, which provides janitorial services, which listed 500 jobs.
Of the 50 largest PPP loans in Connecticut, 16 went to Hartford County companies, according to the data. Other large recipients in the region included Hartford law firm Robinson & Cole ($8.96 million), Rocky Hill-based medical group Starling Physicians ($8.88 million), West Hartford-based accounting firm blumshapiro ($8.4 million) and Berlin Steel Construction in Berlin ($8.17 million).
For PPP loans under $150,000, the SBA had previously not even released the names of recipients, citing privacy concerns. However, following the order from Judge James E. Boasberg of the U.S. District Court for the District of Columbia to disclose more PPP specifics, those details are also now available from the SBA.
The data show that, similar to the rest of the country, the bulk of Connecticut PPP loans were in small increments, but the bulk of the dollar volume went to larger borrowers.
In Connecticut, just over 56,000 employers received the smaller sub-$150,000 loans, representing about 87% of all PPP loans here. Those smaller loans totaled about $1.88 billion, or 28% of the $6.72 billion in total PPP loans in the state. Those percentages are exactly in line with the national picture, according to analysis by the Post.
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