Coronavirus Paycheck Protection Loans In Pasadena: Who Got Money

PASADENA, MD — As coronavirus spread throughout the country, many companies struggled to survive while they were temporarily out of business. In hopes of saving jobs during the outbreak, the federal government launched an effort to help businesses pay their employees and avoid layoffs.

That aid, called the Paycheck Protection Program, helped save millions of jobs around the country. Now, a list of businesses that received a PPP loan is public.

Most loans were worth less than $150,000, but the U.S. Small Business Administration announced all the companies that were awarded more than that threshold. Altogether, 63 Pasadena businesses received loans worth more than that $150,000 mark.

The most notable businesses to secure a PPP loan were Antwerpen Volkswagen, Hospice of the Chesapeake, Texas Roadhouse and Two Rivers Steak & Fish House.

Antwerpen Volkswagen earned a loan worth $350,000 to $1 million. The dealership credits the loan with saving 55 jobs.

Hospice of the Chesapeake won a loan valued between $2 million and $5 million. That was tied for the largest aid in Pasadena. Hospice of the Chesapeake was the only local nonprofit to secure a PPP loan. It also retained a town-high 233 jobs with its PPP money.

Texas Roadhouse nabbed $350,000 to $1 million. The restaurant kept 103 employees aboard thanks to its loan.

Two Rivers Steak & Fish House secured a loan worth $350,000 to $1 million. That money helped the steakhouse retain 109 of its workers, which was the second most in Pasadena.

The earliest a local business received a PPP loan was on April 4 when Rye Whiskey Productions landed an extra $150,000 to $350,000. The loan spared 35 jobs.

The most recent business to get approved was Josh Kamal LLC, a business registered under the same address as the Shell gas station on 4731 Mountain Road. Its PPP loan was approved on June 1. The $150,000 to $350,000 have saved 16 jobs, so far.

Four Pasadena businesses reported saving zero jobs with their PPP loans. That does not mean the businesses laid off workers or closed, however. It just means that they did not directly attribute the retention of any jobs to the loan.

No local businesses received an A list loan, which was worth between $5 million and $10 million. Two enterprises grabbed a B list loan, valued at $2 million to $5 million. Two companies won C list loans for $1 million to $2 million. The remaining 59 businesses earned awards worth between $150,000 and $1 million.

The PPP loans were born on March 27 when the federal government initiated the CARES Act, which aimed to provide economic relief during the coronavirus crisis. The loans are similar to grants. Businesses will only have to repay them if they lay off workers or cut their pay.

Companies do not need to spend the money directly on employee paychecks, however. As long as a business continues paying its workers, the money can be used to pay mortgage interest, rent and utilities.

Altogether, more than 5 million American businesses were granted PPP loans. The loans totaled more than $500 million, according to the data released by the small business administration. The loans have supported 51 million jobs, or about 84% of the country’s small business workers.

A list of all the companies in Maryland that earned PPP loans worth more than $150,000 is available here.

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Patch editors Rich Scinto, David Copeland and Elizabeth Janney contributed to this report.

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