Hundreds Of Hopatcong Jobs Reinstated With Pandemic Loan Money

HOPATCONG, NJ – Hundreds of jobs in the Hopatcong area were reinstated thanks to the U.S. Small Business Administration and U.S. Treasury Paycheck Protection Program that was designed to help New Jersey businesses affected by the coronavirus pandemic.

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 Madison these businesses were approved for loans between $350,000 and $1 million. The list includes how many jobs that were reinstated:

• DENVILLE BEAR & BODY SERVICE, INC., 34
• GWA MECHANICAL INC., 17
• HOER EXCAVATING & CONSTRUCTION, INC., N/A
• TAKIS SERETIS, INC., 165
• THREE PEAKS LIQUORS LLC., 45

Here are the businesses approved for loans between $150,000 and $350,000 and how many jobs that were reinstated:

• A&L CONCRETE CUTTING INC., 9
• BASIL CASTROVINCI ASSOCIATES, INC., 30
• CAMP SIX INC., 24
• DATASTREAM TECHNOLOGIES INC., 12
• DIGITIZE INC., 13
• DYKSTRA WALKER DESIGN GROUP, PA., 15
• EASTSIDE BULK TRANSPORT, 9
• ECS GROUP, INC., 17
• ESI, 20
• G&S MACHINERY INC., 7
• GLOBAL FIBER OPTICS, INC., 12
• GRUBER & COLABELLA, PA., N/A
• JEFFERSON BURGERS, LLC., N/A
• JEFFERSON LUMBER AND MILLWORK CORPORATION, 14
• JEFFERSON RECYCLING II, LLP, 21
• RCM INTERIORS INC., 23
• RUSTY CLEAT LLC., 16
• STASCOM TECHNOLOGIES., 16
• STATE SHUTTLE INC., 47
• THE LEON'S CLEANING AND SERVICE INC., 31
• TOTAL EYECARE INC., 26
• WILLOW LAKE DAY CAMPS LLC., 61

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 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.

Patch editors Tom Davis and Jeff Arnold contributed to this report.

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