PPP loan injected $1.3 billion into South Shore companies

  • 4 percent of companies received 53 percent of the money distributed on the South Shore
  • 10,974 companies on the South Shore received Paycheck Protection Program loans
  • 64 percent of the loans were for $50,000 or less

When governors started issuing stay-at-home orders in March, the Milton-based restaurant chain Not Your Average Joe’s furloughed more than 1,700 employees, leaving just one person on staff to handle the payroll and unemployment claims.

The company tried to get a forgivable loan under the Paycheck Protection Program run by the federal Small Business Administration, but the funding ran out. It got in under the second round of funding and used the $5.9 million exclusively on payroll to slowly reopen its 20 restaurants across six states, Chief Financial Officer Joe McGuire said.

Not Your Average Joe’s was one of the top loan recipients on the South Shore under the plan. On the South Shore, 10,974 businesses received $1.32 billion in forgivable federal loans under the Paycheck Protection Program – also called PPP loans –  according to newly released data from the Small Business Administration.

Brewster Ambulance received a $10 million forgivable loan from the federal Paycheck Protection Program, which it used exclusively for two months worth of payroll.

In July, the Small Business Administration released the names of companies that received between $150,000 and $10 million from the program. The list did not give exact numbers, but gave a rough estimate of much much each company received. The first round of data listed 1,558 companies on the South Shore, just 14 percent of the total number that received loans. News organizations then sued to get the full data set.