Which Fredericksburg Businesses Got PPP Loans

Fredericksburg VA

21 July, 2021

10:03 AM

Description

FREDERICKSBURG, VA — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Fredericksburg. 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 113,491 PPP loans approved in Virginia in 2021 alone, according to the Small Business Administration. The total 2021 amount approved was $5,571,715,395. 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 Fredericksburg businesses that benefited from the program according to the SBA. Check here for a full, searchable database. RAPPAHANNOCK ELECTRIC COOPERATIVE Fredericksburg, VA, 22408 Approval amount: $8,487,295 Jobs reported: 430 Forgiveness amount: $8,569,575 IOMAXIS, LLC Fredericksburg, VA, 22407 Approval amount: $3,584,800 Jobs reported: 185 Forgiveness amount: $3,626,623 GLOBAL DIMENSIONS LLC Fredericksburg, VA, 22407 Approval amount: $3,357,150 Jobs reported: 253 OBSIDIAN SOLUTIONS GROUP LLC Fredericksburg, VA, 22401 Approval amount: $2,874,694 Jobs reported: 116 Forgiveness amount: $2,906,355 RAPPAHANNOCK GOODWILL INDUSTRIES, INC Fredericksburg, VA, 22408 Approval amount: $2,800,000 Jobs reported: 444 Forgiveness amount: $2,832,122 TEKLA RESEARCH, INC. Fredericksburg, VA, 22407 Approval amount: $2,609,300 Jobs reported: 133 ACI FEDERAL, INC Fredericksburg, VA, 22401 Approval amount: $2,126,700 Jobs reported: 134 TT & C ONE LLC Fredericksburg, VA, 22408 Approval amount: $2,123,000 Jobs reported: 187 Forgiveness amount: $2,147,297 RADLEY IMPORTS, INC Fredericksburg, VA, 22408 Approval amount: $2,121,500 Jobs reported: 191 Forgiveness amount: $2,145,720 THE NEW HAVEN COMPANIES INC. Fredericksburg, VA, 22407 Approval amount: $2,027,800 Jobs reported: 145 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].