YOUNGSTOWN, Ohio – 2,399 businesses in Mercer and Lawrence counties in Pennsylvania have received a total of $ 274,940,896.11 in Paycheck Protection Program loans, according to data from the Small Business Administration.
The loans, which ran for the duration of the program between April 3 and August 8, helped businesses in both counties keep 25,753 jobs.
Loans ranged from the maximum amount of $ 10 million – Joy Cone at Hermitage was the only company to get that amount – to $ 587, received by Bruening Signs & Advertising in New Castle.
Bruce-Merrilees Electric Co. of New Castle secured the second largest PPP loan, $ 6,742,042, in both counties, followed by Interstate Chemical Co. in Hermitage, which received $ 4,342,600.
To complete the top 10 of Mercer and Lawrence counties, we find:
- Flynn’s Tires of Pennsylvania Inc., Hermitage, $ 4,323,337.
- Global Mgmt. Solutions Inc., Ellwood City, $ 4,128,700.
- Autosoft Inc., West Middlesex, $ 3,862,000.
- Westminster College, New Wilmington, $ 3,626,920.
- Maisons Saint-Paul, Greenville, $ 3,205,400.
- Thiel College, Greenville, $ 2,369,800.
- Grove Manor Corp., Greenville, $ 2,231,300.
The median paycheck protection loan in the two counties was $ 27,400. There were 43 loans over $ 1 million and 12 under $ 1,000.
The First National Bank of Pennsylvania was the largest lender of the two counties, with 946 PPP loans totaling $ 111,106,039. The median loan amount was $ 27,803.50.
Huntington National Bank came in second with 265 loans for $ 30,518,692 – a median of $ 30,100 – and PNC followed closely in third with 220 loans for $ 30,353,600, a median of $ 34,650.
Other area banks that have provided loans in Mercer and Lawrence counties include:
- First Commonwealth Bank (New Castle) – 151 loans for $ 15,836,300.
- Mercer County State Bank (Sandy Lake) – 217 loans for $ 15,008,630.57.
- Premier Bank (Youngstown, Ohio) – 10 loans for $ 1,804,300.
- Farmers National Bank (Canfield, Ohio) – seven loans for $ 1,202,000.
- Greenville Savings Bank (Greenville) – 22 loans for $ 805,300.
Copyright 2021 The Business Journal, Youngstown, Ohio.