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Coronavirus Paycheck Protection Loans In Annapolis: Who Got Money

Patch logo Patch 7/10/2020 Jacob Baumgart
a stack of flyers on a newspaper: The federal government helped small businesses through the coronavirus pandemic with the Paycheck Protection Program. Find out which Annapolis businesses got PPP loans. © Shutterstock The federal government helped small businesses through the coronavirus pandemic with the Paycheck Protection Program. Find out which Annapolis businesses got PPP loans.

ANNAPOLIS, 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, 514 Annapolis businesses received loans worth more than that $150,000 mark.

The most notable businesses to secure a PPP loan were the U.S. Naval Academy, St. John's College, St. Anne's School of Annapolis, Chick & Ruth's Delly, Iron Rooster and Ramshead Tavern.

The Naval Academy alone saw three of its institutions earn the loans. The Naval Academy Athletic Association nabbed $2 million to $5 million in loans, saving 185 jobs. The Naval Academy Primary School and the Naval Academy Golf Association also got smaller loans. Altogether, the Naval Academy attributes the retention of 185 jobs to its PPP loans.

St. Johns College also got $2 million to $5 million. The influx saved the college 193 employees.

St. Anne's School of Annapolis reeled in $350,000 to $1 million, but did not report how many jobs the loan helped save. Chick & Ruth's Delly, on the other hand, said its $150,000 to $350,000 helped the business retain zero jobs.

Iron Rooster saved 55 positions with its $350,000 to $1 million. And Ramshead Tavern kept 107 workers with its $350,000 to $1 million.

The earliest Annapolis businesses received PPP loans was on April 10 when 31 companies landed the extra cash. Agent Marine Operations and Synergist Computing took home the biggest loans that day, worth between $1 million and $2 million each. The loans spared 116 and 58 jobs at the companies, respectively.

The most recent business to get approved was BoatU.S., a non-profit that teaches safe and environmental boating skills. Its loan was approved on June 30. Its $150,000 to $350,000 loan has saved the business 10 jobs, so far.

Thirty-five nonprofits won awards worth more than $150,000. Three of those nonprofits were churches. The most well-known non-profits to score loans were the Boys & Girls Club of Annapolis & Anne Arundel County, Maryland Hall and the Annapolis Symphony Orchestra.

There were 56 Annapolis businesses that reported saving zero jobs with the PPP loan. 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.

On the other hand, the RC Group and Smartlink Holdings both retained an Annapolis-high 500 jobs with their loans that exceeded $5 million each. Thirty-one companies said their loans helped them save at least 100 jobs.

Four Annapolis businesses received an A list loan, which were worth between $5 million and $10 million. Thirteen companies won B list loans valued at $2 million to $5 million. Forty-nine businesses won C list loans for $1 million to $2 million. The remaining 448 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 layoff 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 Annapolis that earned PPP loans worth more than $150,000 is available here.

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

Have a story idea? Please contact me at jacob.baumgart@patch.com with any pitches, tips or questions. Follow me on Twitter @JacobBaumgart and on Facebook @JacobBaumgartJournalist to stay up-to-date with the latest Anne Arundel County and Prince George's County news.

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