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More than 2,100 Longmont businesses received PPP loans to help retain 10,553 jobs

The local loans are among nearly 4.9 million given nationwide totaling nearly $521.5 billion as of June 30, per the Small Business Administration.
Julie Baxter
Julie Baxter
2020_07_08_LL_PPP_LOANS (2)

Editor’s note: This story has been updated to include additional data on PPP loans under $150,000.

More than 2,100 Longmont businesses received Paycheck Protection Program loans to retain a combined 10,533 jobs, according to data released Tuesday by the Small Business Administration, which oversees the program. 

Those loans are among nearly 4.9 million given nationwide totaling nearly $521.5 billion as of June 30, according to the SBA.

The size and focus of local businesses and organizations awarded PPP loans varies, according to the SBA. The number of local jobs retained because of the funding ranged from none reported at bank and insurance company branches to 315 at Ward Electric Co. 

The amount of money received fell in ranges of less than $2,000 to $5 million to $10 million at Ward Electric. 

In all, one business, Ward Electric, received $5 million to $10 million, three businesses received $2 million to $5 million, 18 were awarded $1 million to $2 million, and 78 received $350,000 to $1 million, per the SBA data. Another 157 were awarded $150,000 to $350,000, to businesses and organizations such as Collision Brewing Co., where 35 jobs were retained, and the nonprofit OUR Center, where 40 jobs were kept. 

Locally, the bulk of PPP loans were given for $10,000 to $50,000, with 1,013 businesses and organizations receiving funding falling in that range. In addition, 42 loans were given for less than $2,000; 444 for $2,000 to $10,000; 268 for $50,000 to $100,000; and 134 for $100,000 to $150,000. 

Local loans for less than $150,000 totaled more than $62 million. 

“The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll, according to the SBA, which “will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.” 

The loans are intended to cover up to eight weeks of payroll costs, including benefits, according to the SBA. 

Last week, The deadline to apply for PPP loans was extended from June 30 to Aug. 8, and more than $130 billion in funds remain unused, according to CNN.