Which Atlanta Businesses Got PPP Loans

Atlanta GA

21 July, 2021

11:58 AM

Description

ATLANTA, GA — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Atlanta. The Paycheck Protection Program started in April 2020 as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES), and was extended until May 31, 2021. There were 416,058 PPP loans approved in Georgia in 2021 alone, according to the Small Business Administration. The total 2021 amount approved was 11,056,741,932. Loan applications were processed through banks and other traditional lenders, with the SBA backing the resulting loans. Around $800 billion in loans were approved nationwide under the program. The loans are forgivable if borrowers meet certain criteria, including spending at least 60 percent of the money on payroll costs and maintaining employee compensation levels. Below are some Atlanta businesses that benefited from the program according to the SBA. Check here for a full, searchable database. TEDS MONTANA GRILL INC Atlanta, GA, 30303 Approval amount: $10,000,000 Jobs reported: 500 NEIGHBORHOOD RESTAURANT PARTNERS FLORIDA LLC Atlanta, GA, 30305 Approval amount: $10,000,000 Jobs reported: 500 Forgiveness amount: $10,113,425 CUMULUS BROADCASTING LLC Atlanta, GA, 30305 Approval amount: $9,822,232 Jobs reported: 500 ALDRIDGE PITE, LLP Atlanta, GA, 30305 Approval amount: $8,890,627 Jobs reported: 488 Forgiveness amount: $8,992,622 CMP SUSQUEHANNA LLC Atlanta, GA, 30305 Approval amount: $8,496,322 Jobs reported: 500 HALL BOOTH SMITH, P.C. Atlanta, GA, 30303 Approval amount: $8,253,100 Jobs reported: 482 HENNESSY CADILLAC INC Atlanta, GA, 30305 Approval amount: $7,458,000 Jobs reported: 500 LA CIMA RESTAURANTS LLC Atlanta, GA, 30305 Approval amount: $6,520,600 Jobs reported: 500 COOPERATIVE FOR ASSISTANCE AND RELIEF EVERYWHERE, INC Atlanta, GA, 30303 Approval amount: $6,264,900 Jobs reported: 397 Forgiveness amount: $5,607,988 255 COURTLAND TENANT LLC Atlanta, GA, 30303 Approval amount: $6,090,275 Jobs reported: 477 Nationally, the accommodation/food service industry received the largest share of loans in 2021, with 15 percent of the total. Around 87 percent of the loans approved in 2021 were for $50,000 or less, and they accounted for a third of the total approved amount. The average loan size was $42,000. The program wasn't without controversy. Banks tended to prioritize large, established businesses, according to a New York Times analysis. Congress raised fees for small loans in December to encourage lenders to make small business loans, and rules were changed in February to allow unprofitable solo businesses to qualify. Several large companies drew public ire after it was revealed that they took PPP loans instead of relying on traditional capital-raising activities. The outcry prompted the SBA to review all loan applications over $2 million and issue guidance that the program was intended for businesses that lacked access to other cash-raising methods. Editor's note: This list was automatically generated using data from the SBA for approved loans of $150,000 or more, although some loans ultimately were not made. Business owners can contact the SBA if information about a loan isn't correct. SBA data occasionally contains duplicate entries. Other feedback can be sent to [email protected].