In Chatham, 60 Businesses, Not-For-Profits Benefit From PPP Loans

CHATHAM, NJ – The U.S. Small Business Administration and U.S. Treasury released details of the country's massive Paycheck Protection Program that helped New Jersey businesses affected by the coronavirus pandemic. In Chatham, 60 businesses, not-for-profits and other organizations benefitted from PPP loans.

More than 4.9 million loans over $150,000 were made to businesses and nonprofit organizations across the country; the total amount for approved loans over that amount was more than $521 billion.

Around 22,000 businesses in New Jersey were approved for loans greater than $150,000. Loans over $150,000 account for about 925,000 jobs. Below is a breakdown of the amounts approved in New Jersey:

· $5 million to $10 million: 162

· $2 million to $5 million 844

· $1 million to $2 million: 1,823

· $350,000 to $1 million: 6,689

· $150,000 to $300,000: 12,339

In Chatham, the following businesses were approved for loans between $150,000 and $1 Million and the list indicates how many jobs that were re-instated for each group or business:

• METRIXLAB US, INC., 103
• NATIONAL MANUFACTURING COMPANY INC, 188
• BLUME FORTE FRIED ZERRES & MOLINARI PC, 62
• CHATHAM BATH & TENNIS, LLC, 280
• ALLIED DAIRY PRODUCTS, INC., 60
• ARGENT CONTRACTING CO., INC., 32
• BEM SYSTEMS INC
• CHATHAM, 39
• CELADON FINANCIAL GROUP LLC, 31
• CHATHAM DAY SCHOOL, 36
• CHATHAM SQUASH & RACQUET CLUB, 98
• CUTTONE & COMPANY, LLC, 21
• DEFALCO'S INSTANT TOWING INC., 58
• DREYERS LUMBER & HARDWARE CO INC, 36
• ECLC OF NEW JERSEY PRIDE DAY PROGRAM INC-SBA SMALL 7A TERM, 0
• EVOLUTION ROAD, LLC, 25
• FIDELITY MANAGEMENT LLC, 22
• INSTAT CONSULTING INC, 0
• INTERNATIONAL CARGO TERMINALS, 83
• JKNSL INC DBA RESTAURANT SERENADE, 2
• LIBERTY LIGHTING GROUP, 31
• MEYER AND ASSOCIATES, 28
• NEW JERSEY SPINE CENTER, P.A., 52
• NUKK- FREEMAN & CERRA, P.C, 42
• PIPE WORKS SERVICES INC., 26
• R. ROTONDI & SONS, INC., 28
• SIMONFAY LANDSCAPE SERVICES INC, 30
• ST PATRICKS CHURCH, 63
• THEOREM INC., 23
• ALBRO DRUG CO, INC., 30
• ALL COUNTY SEWER & DRAIN SERVICE INC, 14
• ARSENEAULT & FASSETT LLP, 26
• BRADLEY & SON FUNERAL HOMES, LLC, 16
• BROADWAY ELITE TOURS, INC., 18
• CHATHAM COLLISION REPAIR INC, 17
• CHATHAM EXPRESS, INC.
• CHATHAM TOWNE TAVERN 27
• COMMUNITY PERSONNEL SERVICES, INC., 24
• CORPUS CHRISTI RC CHURCH, 26
• CRONHEIM MANAGEMENT SERVICES, INC., 13
• CTS GROUP ARCHITECTURE PLANNING PA, 13
• DAVID CRONHEIM MORTGAGE CORP., 10
• FCG HOLDINGS LLC, 10
• FIDELITY MAINTENANCE CORP, 21
• FIRST HOPE INC-SBA SMALL 7A TERM, 0
• INTERSTATE ELECTRICAL CONTRACTING INC, 7
• LASER & SKIN THERAPEUTICS PC, 15
• LPZ MANAGEMENT CORP, 0
• MARINO TORTORELLA & BOYLE PC, 11
• MIXCOMM INC, 10
• NOE POND CLUB II LLC, 119
• NUSOURCE TECHNOLOGY, INC., 0
• SANDBLAST PRODUCTIONS INC., 7
• SHIFT EMPLOYMENT LAW TRAINING, LLC, 14
• STEPPING FORWARD COUNSELING CENTER,LLC, 34
• SYNERGISTIC SYSTEMS INC DBA SYNERGISTICIT, 14
• THE GARIBALDI GROUP, LLC, 10
• THEMIS TRADING LLC, 11
• TOUCHPOINT PEDIATRICS, P.A., 19
• UNIKEN INC, 8
• VINCHEM, INC

Loans to New Jersey businesses ran the gamut and included higher education institutions, private schools, manufacturers, car washes, real estate agent companies and non-profits.

The list of the recipients locally are listed above, although a number of businesses are now reporting that the list, in some instances, contains "some big errors," according to CNBC.

The loans are made by lending institutions including banks and credit unions and are guaranteed by the SBA. All PPP loans are subject to review by the SBA and all loans over $2 million are automatically reviewed by the SBA.

"Because a borrower is listed in the data as having a PPP loan does not mean that SBA has determined that the borrower complied with program rules or is eligible to receive a PPP loan and loan forgiveness," the SBA said in a statement about the data release.

The average size of a PPP loan is around $107,000 and 86.5 percent of all loans were for less than $150,000, according to the SBA.

PPP loans have an interest rate of one percent and can be fully forgiven if they are used to payroll costs, interest on mortgages, rent and utilities.

New Jersey Patch editor Tom Davis contributed to this report.