PPP loans for Ridgefield businesses
Twenty Ridgefield businesses are among the 8,595 Connecticut companies that have received forgivable loans of at least $150,000 under the federal Paycheck Protection Program, according to information released by the U.S. Small Business Administration.
Designed to provide small businesses with money to cover up to eight weeks of payroll costs, including benefits, the loans were approved as part of the CARES Act that Congress passed in late March to help offset the economic downturn caused by the coronavirus pandemic. Borrowers also can use the loans to pay rent, utilities, and interest on mortgages.
At least 60% of the forgivable amount must be spent on payroll.
State-wide, the loans of $150,000 or more accounted for $4.9 billion.
Two Ridgefield businesses — Schimenti Constuction Company and the Visiting Nurse Association — each received between $2 and $5 million in Paycheck Protection Program (PPP) loans.
The Adam Broderick Image Group, R4 Technologies, Ridgefield Academy, and Ridgefield Waterside Motors (BMW of Ridgefield) received $1-$2 million apiece.
Receiving between $350,000 and $1 million were 14 more Ridgefield businesses: Casey Fuel; Litigation Analytics; Pamby Motors; Prospects, Opportunity and Enrichment (Prospector Theater); Reynolds & Rowella; the Ridgefield Library; Riverside Fence; Servicengine Corporation; Southport Engineering Associates; the Boxoffice Company; Ridgefield Supply; Turner Mechanical Supply; Vinylume; and W&J Home Care/DBA First Light Home Care of Western CT.
No Ridgefield businesses received the largest loans, which ranged from $5 to $10 million.
The 52,350 Connecticut companies receiving loans under $150,000 were not listed by business name in the data provided by the Small Business Administration. Those smaller loans totaled $1.8 billion.
With $6.7 billion in loans, Connecticut received $1 billion more than its share of the federal money, based on population.
Nationally, the PPP loans totaled $521 billion — the majority of which is not expected to be repaid.
The deadline for PPP loan applications was recently extended to Aug. 8.