88 Stanly companies receive PPP loans
Published 11:34 am Tuesday, July 7, 2020
Several Stanly businesses or nonprofits received COVID-19 bailout loans of at least $150,000 through the federal government’s Paycheck Protection Program, according to data released Monday by the U.S. Small Business Administration.
The national data identifies 88 businesses and nonprofits receiving the loans, along with a range of approximate amounts they collected under the Paycheck Protection Program and the number of jobs saved.
The amount ranges included in the data were $5 million to $10 million, $2 million to $5 million, $1 million to $2 million, $350,000 to $1 million and $150,000 to $350,000. No information was released on companies that received less than $150,000.
Albemarle had 45 businesses or nonprofits that received loans, which accounted for 51 percent of Stanly’s total recipients. Monarch received the most in the county, between $5 million and $10 million. Three other companies in Albemarle received at least $1 million in PPP loans. Albemarle Oil Company, GHA Autism Supports and J.T. Russell and Sons each received between $1 million and $2 million.
Other notable recipients in the city include Crook Motor Company, American Fiber and Finishing and Enforge, which each received between $350,000 and $1 million, and Stanly County Family YMCA, Stokes Construction Company and Nabell USA Corporation, which each received between $150,000 and $350,000.
Locust had the next-highest tally with 14 businesses or nonprofits that received loans. Dynamic Capacity Staffing, Monarch Staffing, Quick-Deck, Summit Strategies and United Protective Technologies each received between $350,000 and $1 million.
Oakboro had eight recipients, including Bullington Construction, which received between $2 million and $5 million, while Norwood, Stanfield and New London had five recipients (H.W. Culp Lumber Company in New London received between $1 million and $2 million). Richfield had four recipients.
In Misenheimer, Pfeiffer University received between $2 million and $5 million while Gray Stone Day School received between $350,000 and $1 million.
The banks which made the most loans were Uwharrie Bank (41 loans) followed by Pinnacle Bank (13 loans) and First Citizens Bank (10 loans).
PPP is part of the federal government’s $2.2 trillion stimulus package, also known as the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was passed by Congress and signed by President Trump in late March.
Businesses are eligible for the Paycheck Protection Program if they have fewer than 500 employees. The loans can be fully forgiven if businesses allocate 75 percent of the loan money to cover payroll costs. The remaining 25 percent can be used for rent, utilities and other overhead.
The SBA reported that as of July 6 more than 4.8 million PPP loans have been approved, totaling almost $521 billion.