Underwood Electric, Inc. received a Paycheck Protection Program loan between $150,000 to 350,000 on June 8, according to the US Treasury Department.
There were eight PPP loans issued in Maine during the week ending June 14. The average loan size in the state was between $150,000 to 350,000.
There are approximately five million approved PPP loans with a total of $517,451,965,102 set aside for funding, according to the Small Business Administration. The average loan size was around $105,000 with over 5,000 lenders currently participating in the program.
The program was slow to get off the ground when it was crushed by an onslaught of would-be applicants. Another major criticism of the program pertained to who was receiving the loans. A program that was meant for small businesses witnessed the Los Angeles Lakers receive $4.6 million from the program. The Lakers qualified for the program under the rules as written but returned the funds according to a Laker’s statement provided to news outlets.
| Recipients | Date Received | Dollar Amount Received |
|---|---|---|
| Underwood Electric, Inc. | 2020-06-08 | $150,000-350,000 |
| Maine Hospital Association, Inc. | 2020-06-10 | $150,000-350,000 |
| Miranda, Inc. | 2020-06-10 | $150,000-350,000 |
| Muscongus Bay Aquaculture, Inc. | 2020-06-10 | $150,000-350,000 |
| Center Point, Inc. | 2020-06-12 | $350,000-1 million |
| Coastal Kids Preschool | 2020-06-12 | $150,000-350,000 |
| Miyake, LLC | 2020-06-12 | $150,000-350,000 |
| Ramen Factory Miyake II, LLC | 2020-06-12 | $150,000-350,000 |
