Which Mooresville Businesses Got PPP Loans

Mooresville NC

21 July, 2021

11:56 AM

Description

MOORESVILLE, NC — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Mooresville. 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 139,472 PPP loans approved in North Carolina in 2021 alone, according to the Small Business Administration. The total 2021 amount approved was 5,613,843,059. 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 Mooresville businesses that benefited from the program according to the SBA. Check here for a full, searchable database. STRUCTURE MEDICAL LLC Mooresville, NC, 28117 Approval amount: $5,275,482 Jobs reported: 333 Forgiveness amount: $5,335,710 CORVID TECHNOLOGIES, INC. Mooresvlille, NC, 28117 Approval amount: $4,583,332 Jobs reported: 220 Forgiveness amount: $4,636,483 AMERICAN MERCHANDISING SPECIALISTS, INC Mooresville, NC, 28115 Approval amount: $4,279,000 Jobs reported: 457 Forgiveness amount: $4,329,041 ROUSH & YATES RACING ENGINES LLC Mooresville, NC, 28117 Approval amount: $3,236,800 Jobs reported: 192 Forgiveness amount: $3,276,001 COMBS CONSTRUCTION COMPANY INC Mooresville, NC, 28117 Approval amount: $2,967,600 Jobs reported: 240 Forgiveness amount: $3,002,723 RANDY MARION CHEVROLET BUICK CADILLAC, LLC Mooresville, NC, 28117 Approval amount: $2,683,000 Jobs reported: 227 MICHAEL WEINIG INCORPORATED Mooresville, NC, 28117 Approval amount: $2,651,275 Jobs reported: 147 Forgiveness amount: $2,681,765 SUNENERGY1, LLC Mooresville, NC, 28117 Approval amount: $2,529,000 Jobs reported: 150 AMV HOLDINGS, LLC Mooresville, NC, 28115 Approval amount: $2,284,200 Jobs reported: 248 Forgiveness amount: $2,310,151 CLAREMONT RESTAURANT GROUP LLC Mooresville, NC, 28117 Approval amount: $2,000,000 Jobs reported: 205 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].