For those who don’t know what PPP is, let me start from the beginning. When coronavirus hit SC back in March, the U.S. Small Business Administration opened up this specific loan opportunity for small businesses called the federal Paycheck Protection Program (PPP). The goal was to minimize the number of layoffs + help these businesses get by while the world was on pause.
#ICYMI — the application period for the federal Paycheck Protection Program (PPP) has been extended to Saturday, August 8. Small businesses can still apply for assistance up until that date.
The federal government has distributed ~$520 billion worth of PPP loans to ~5 million mostly small businesses and nonprofits + several businesses locally. According to the application for the loan, the assistance will be completely forgiven if it is used for payroll cost or interest on mortgage, rent or utilities.
Did you know? Approximately 4,250 loans were awarded in Columbia, and 55,550 were awarded across the state.
Here are the top recipients in our area:
- Bonitz, Inc. | loan range: $5-10 million | 496 employees retained
- Nexsen Pruet, Inc. | loan range $5-10 million | 348 employees retained
- Seibels Services Group, Inc. | loan range $5-10 million | 297 employees retained
- Infrastructure Consulting + Engineering, PLLC | loan range $5-10 million | 289 employees retained
- The Sefa Group, Inc. | loan range $5-10 million | 411 employees retained
Here are some more recipients you might recognize:
- Cantina 76- Consolidated, LLC | loan range $1-2 million | 396 employees retained
- Epworth Children’s Home | loan range $1-2 million | 134 employees retained
- Dick Dyer Toyota | loan range $1-2 million | 113 employees retained
- KW Associates, LLC | loan range $2-5 million | 308 employees retained
- Lizard’s Thicket, LLC | loan range $2-5 million | 500 employees retained
Wanting to know more about PPP? Don’t miss out on this free opportunity to register for SCRA’s PPP Loan Webinar hosted by ERG payroll. The webinar will cover the most recent updates regarding PPP loans including how to complete the revised PPP loan forgiveness application. Register here.