PPP Loans Benefited Norfolk Businesses

Norfolk VA

21 July, 2021

10:18 AM

Description

NORFOLK, VA — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Norfolk. 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 Norfolk businesses that benefited from the program according to the SBA. Check here for a full, searchable database. TECNICO CORPORATION Chesapeake, VA, 23324 Approval amount: $10,000,000 Jobs reported: 500 VIRGINIA ONCOLOGY ASSOCIATES Norfolk, VA, 23502 Approval amount: $5,501,347 Jobs reported: 353 CENTURY CONCRETE INC Virginia Beach, VA, 23455 Approval amount: $4,776,600 Jobs reported: 388 TIDEWATER FIBRE CORP Chesapeake, VA, 23324 Approval amount: $3,357,800 Jobs reported: 292 Forgiveness amount: $3,396,974 EAST COAST REPAIR & FABRICATION LLC Norfolk, VA, 23502 Approval amount: $3,236,715 Jobs reported: 350 Forgiveness amount: $3,274,117 KPM LLC Virginia Beach, VA, 23455 Approval amount: $2,979,100 Jobs reported: 246 GRAND BRANDS LLC Virginia Beach, VA, 23455 Approval amount: $2,923,700 Jobs reported: 341 Forgiveness amount: $2,956,754 LIFE PROTECT 24/7 INC Norfolk, VA, 23502 Approval amount: $2,681,300 Jobs reported: 423 Forgiveness amount: $2,712,731 VANGUARD INDUSTRIES EAST, INC. Norfolk, VA, 23502 Approval amount: $2,349,800 Jobs reported: 208 Forgiveness amount: $2,375,778 TIDEWATER FLEET SUPPLY Norfolk, VA, 23502 Approval amount: $2,172,550 Jobs reported: 182 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].