Lancaster businesses received more than $24.6 million in forgivable loans via the "Paycheck Protection Program"
Photo by Towfiqu barbhuiya on Unsplash The " Paycheck Protection Program " was a Federal Program that supported businesses during the COVID pandemic; it accepted applications in 2020 and 2021. Businesses received federally-backed loans, but those loans could be forgiven if the loan was used to avoid payroll reductions during the crisis. (The vast majority of the loans were used that way and have been forgiven.) The program provided a lot of support to businesses in our area: Lancaster businesses were approved for more then $24.6 million in loans. The largest loans in Lancaster went to the Doctor Franklin Perkins school ($3.8 million), Monroe Wire and Cable ($1.8 million), and Ron Bouchard's Auto Sales ($3.7 million over two draws.) Built-rite Tool and Die received $1.6 million, and D'Ambrosio Eye Care received $2.8 million over two draws. Churches also received loans to encourage them to maintain their payrolls. In Lancaster,...