Which Cumming Businesses Got PPP Loans

Cumming GA

21 July, 2021

10:16 AM

Description

CUMMING, GA — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Cumming. 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 Cumming businesses that benefited from the program according to the SBA. Check here for a full, searchable database. PREMIER HEALTHCARE PROFESSIONALS, INC. Cumming, GA, 30040 Approval amount: $6,800,600 Jobs reported: 413 Forgiveness amount: $6,875,596 MULLER MANAGEMENT INC Cumming, GA, 30041 Approval amount: $3,615,012 Jobs reported: 500 RMR MECHANICAL Cumming, GA, 30028 Approval amount: $3,000,000 Jobs reported: 400 Forgiveness amount: $3,033,616 CORNERSTONE FORMING LLC Cumming, GA, 30040 Approval amount: $2,269,458 Jobs reported: 144 LOU SOBH CERRITOS SATURN, INC Cumming, GA, 30041 Approval amount: $2,160,700 Jobs reported: 160 Forgiveness amount: $2,184,320 THE RETHINK GROUP INC. Cumming, GA, 30040 Approval amount: $1,965,000 Jobs reported: 118 THE RETHINK GROUP Cumming, GA, 30040 Approval amount: $1,965,000 Jobs reported: 134 Forgiveness amount: $1,986,560 BEAVER MOTORS, LLC Cumming, GA, 30041 Approval amount: $1,932,300 Jobs reported: 110 Forgiveness amount: $1,954,694 TRONCALLI AUTOMOTIVE GROUP, INC. Cumming, GA, 30040 Approval amount: $1,928,075 Jobs reported: 164 VERTICAL EARTH INCORPORATED Cumming, GA, 30028 Approval amount: $1,776,822 Jobs reported: 187 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].