Coronavirus PPP Loans In West Orange: Where The Money Went

WEST ORANGE, NJ — Federal officials have released a list of businesses across the nation, including in West Orange, which were approved for loans under the Paycheck Protection Program (PPP).

More than 4.9 million loans worth roughly $521 billion have been approved for businesses and nonprofit organizations across the United States under the program, which was established by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

See a list of awardees in West Orange below.

The aid is meant to help small businesses keep workers on their payrolls during the COVID-19 crisis. Funds can also be used to pay interest on mortgages, rent, and utilities. PPP loans have an interest rate of one percent and can be fully forgiven under certain conditions. (Learn more about the program)

Roughly 22,000 entities in New Jersey were approved for loans greater than $150,000. Awards in the Garden State also included loans to higher education institutions, private schools, manufacturers, car washes, real estate agent companies and nonprofits.

• See related article: Coronavirus PPP Loans In NJ (Where The Money Went)

Earlier this week, the U.S. Small Business Administration (SBA) and U.S. Treasury released a list of loan recipients by town, adding a big caveat about the data:

“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.”

Several companies that made the list have since questioned its accuracy, claiming that they didn’t apply for – or receive – the funds the government says they did, CNBC reported.

See a list of approved loans over $150,000 in West Orange via the searchable database below. Enter the town’s name where it says “Search business name of town” to begin.