PPP Loans Benefited Lexington Businesses

Lexington SC

21 July, 2021

10:05 AM

Description

LEXINGTON, SC — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Lexington. 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 90,624 PPP loans approved in South Carolina in 2021 alone, according to the Small Business Administration. The total 2021 amount approved was $3,058,629,335. 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 Lexington businesses that benefited from the program according to the SBA. Check here for a full, searchable database. THE SEFA GROUP, INC. Lexington, SC, 29072 Approval amount: $5,878,915 Jobs reported: 411 MID-CAROLINA ELECTRIC COOPERATIVE, INC. Lexington, SC, 29071 Approval amount: $3,351,830 Jobs reported: 144 NATURCHEM, INC. Lexington, SC, 29072 Approval amount: $2,737,627 Jobs reported: 266 Forgiveness amount: $2,769,653 TIDEWATER BOATS, LLC Lexington, SC, 29073 Approval amount: $2,156,050 Jobs reported: 200 Forgiveness amount: $2,181,332 TIDEWATER BOATS LLC Lexington, SC, 29072 Approval amount: $2,000,000 Jobs reported: 247 PRINCE MANUFACTURING CORPORATION Lexington, SC, 29072 Approval amount: $1,741,800 Jobs reported: 187 Forgiveness amount: $1,760,815 EPTING DISTRIBUTORS, INC Lexington, SC, 29072 Approval amount: $1,705,925 Jobs reported: 138 Forgiveness amount: $1,720,520 SOUTHERN MEDICAL MANAGEMENT LLC Lexington, SC, 29072 Approval amount: $1,425,100 Jobs reported: 114 CAROLINA REFRIGERATION SERVICE Lexington, SC, 29072 Approval amount: $1,381,000 Jobs reported: 105 Forgiveness amount: $1,391,549 SORINEX EXERCISE EQUIPMENT Lexington, SC, 29072 Approval amount: $1,308,000 Jobs reported: 186 Forgiveness amount: $0 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].