MoCo Businesses Receive Approximately $2.5 Billion in Federal COVID-19 Relief Funds

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July 9, 2020
MCS Staff

MoCo businesses receive approximately $2.5 billion in federal COVID-19 relief funds

17,323 MoCo businesses received loans from the Small Business Association’s Paycheck Protection Program (PPP). Congress passed the PPP in early April to boost small business damaged by the pandemic.

MoCo loan recipients include:

  • 754 restaurants, approximately $88 million
  • 302 religious organizations, approximately $42 million
  • 350 beauty and nail salons, approximately $19 million
  • 110 fitness and recreational sports centers, approximately $8.3 million
  • 77 car dealerships, approximately $63 million
  • 74 private schools, approximately $62 million

The government will forgive part or all of a loan if the receiving business meets certain criteria, including the retention of employees. In total, MoCo’s loans applications call for 188,847 jobs to be retained.

  • Restaurants
    • Silver Diner, $5-10 million, for all 19 locations across three states
    • Denizens, $350 thousand-1 million
    • Fresh Baguette, $350 thousand-1 million
    • Iron Age Rockville, $350 thousand-1 million
    • TPSS Co-op, $350 thousand-1 million
    • Bethesda Bagels, $150-350 thousand
    • Tastee Diner, $150-350 thousand, one loan for each location
    • Silver Branch Brewing, $150-350 thousand
    • Peter Chang Rockville, $150-350 thousand
  • Schools
    • Bullis, $2-5 million
    • Charles E. Smith Jewish Day School, $2-5 million
    • Stone Ridge, $2-5 million
    • Georgetown Prep, $2-5 million
    • Landon School, $2-5 million
    • Good Counsel, $2-5 million
    • Sandy Springs Friends, $2-5 million
    • St. Andrew’s, $2-5 million
    • Washington Adventist University, $2-5 million
    • Holy Cross, $1-2 million
  • Other
    • Leisure World, $2-5 million
    • The Village at Rockville, $2-5 million
    • Foulger-Pratt, $1-2 million, developers of Downtown Silver Spring
    • Strathmore Hall Foundation, $350 thousand-1 million

By Prayag Gordy

 

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2 Comments

  1. Kelly on July 10, 2020 at 9:42 am

    Where can we see a list of all businesses in Moco that received funds?

  2. Luke Jones on July 11, 2020 at 6:26 am

    I am outraged at Democrats for calling this a bailout. Democrats should be ashamed of their pro-business responsiveness while actual families suffer from economic dislocation. These funds should go directly to families, not private institutions. Shame on Democratic Party leadership – SHAME! #MDDEMS

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