Over 8,000 local jobs supported by PPP loan program | Coronavirus news
K2 Solutions, Penick Village, Pinehurst Resort, R. Riveter, Southern Software and the law firm Van Camp, Meacham and Newman are some of the most recognizable local businesses that have participated in the federal emergency paycheck protection stimulus plan. Plan.
On Monday, the US Small Business Administration released its database of businesses and nonprofits that have received loans over $ 150,000. The report grouped the recipients into five funding categories.
Pinehurst Resort and Riley Power Group, an industrial construction company headquartered in Pinehurst, have been approved for loans between $ 5 million and $ 10 million, the highest category listed. They said the loans were used to retain 500 and 300 jobs, respectively.
The PPP was launched in late March under the federal CARES law to help small businesses struggling with state-imposed restrictions and other related issues due to the spread of COVID-19.
Typically, only businesses with fewer than 500 employees are eligible for the Paycheck Protection Program. However, restaurants and hotels were considered eligible if they had fewer than 500 employees per physical business location. Employment figures could include full-time and part-time workers.
According to the SBA, nearly half of the nation’s workforce is employed by small businesses, and they represent 99.9% of all U.S. businesses.
Only companies receiving $ 150,000 or more were listed by name in the SBA database released this week.
In Moore County, 150 companies have been identified and have reported a total of 8,000 jobs retained through the P3.
“The PPP brings much needed relief to millions of American small businesses, supporting more than 51 million jobs and more than 80% of all employees in small businesses, which are the engines of our country’s economic growth,” said Treasury Secretary Steven T. Mnuchin. said Monday in a statement. “We are especially pleased that 27% of the program’s reach is in low and moderate income communities, which is proportional to the percentage of the population in those regions. The average loan size is around $ 100,000, which shows that the program serves the smallest of businesses. “
Local businesses that have received loans over $ 1 million include Buy Sod, Classical Conversations, The Country Club of North Carolina, Holmes Building Systems, K2 Solutions, NG Purvis Farms, Penick Village, Pinehurst Resort, Pinehurst Surgical Clinic, Riley Power Group, Sandhills Emergency Physicians, Sandhills Pediatrics, Southern Software, Timothy Jordan & Associates and Trident Capital. They reported a combined total of 2,905 retained jobs.
Several of the region’s leading manufacturing and distribution companies have received PPP loans between $ 350,000 and $ 1 million, including Meridian Zero, Quantico Tactical, Reliance Packaging and Southeastern Tool & Die, collectively retaining more than 200 jobs. The pilot was also included in this category.
Private schools in the area listed in the SBA database included Episcopal Day School, The O’Neal School, Sandhills Classical Christian School, and St. John Paul II Catholic School, in addition to the purpose-built educational institution. nonprofit, Sandhills Children’s Center.
A total of 52 local businesses received between $ 350,000 and $ 1 million in aid, and 80 local businesses received between $ 150,000 and $ 350,000, in addition to the 15 businesses approved for loans over $ 1 million.