PPP Loans Benefited Peachtree Corners Businesses

Peachtree Corners GA

21 July, 2021

4:07 PM

Description

PEACHTREE CORNERS, GA — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Peachtree Corners. 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 Peachtree Corners businesses that benefited from the program according to the SBA. Check here for a full, searchable database. NATIONAL DCP, LLC Duluth, GA, 30096 Approval amount: $10,000,000 Jobs reported: 500 C2 EDUCATIONAL SYSTEMS, INC. Duluth, GA, 30097 Approval amount: $10,000,000 Jobs reported: 500 NTH DEGREE, INC. Duluth, GA, 30096 Approval amount: $9,107,100 Jobs reported: 362 Forgiveness amount: $8,991,081 ESHAI CORPORATION Duluth, GA, 30097 Approval amount: $7,084,300 Jobs reported: 500 PREMIER KINGS OF GEORGIA INC Norcross, GA, 30071 Approval amount: $7,041,900 Jobs reported: 500 Forgiveness amount: $7,120,730 DATAPATH, INC. Duluth, GA, 30096 Approval amount: $6,857,800 Jobs reported: 490 SEATEC CONSULTING INC. Peachtree Corners, GA, 30092 Approval amount: $6,298,265 Jobs reported: 265 Forgiveness amount: $6,371,744 LAST MILE STAFFING LLC Duluth, GA, 30097 Approval amount: $6,211,900 Jobs reported: 500 SOUTHERN CROSS LLC Peachtree Corners, GA, 30071 Approval amount: $5,942,000 Jobs reported: 500 VENTURE CONSTRUCTION COMPANY Norcross, GA, 30071 Approval amount: $5,827,740 Jobs reported: 389 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].