Coronavirus Relief Loans In Davidson: Where PPP Money Went

Davidson NC

07 July, 2020

8:10 PM

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DAVIDSON, NC — More than 16,000 North Carolina businesses and non-profits have received loans from the Paycheck Protection Program, or PPP, to help pay their employees during the coronavirus pandemic. PPP loans were established as part of the federal government's CARES Act, and are similar to grants: they will be forgiven as long as businesses keep its employees on their payroll, without cutting their pay. However, the money does not necessarily have to go directly to employees as long as the business keeps paying them, it can also be used to pay interest on mortgages, rent, and utilities. On Monday, the U.S. Small Business Administration released data showing that nearly 5 million businesses have received PPP loans totaling over $521,000,000,000. The U.S. Treasury says that money has supported 51.1 million jobs, as much as 84 percent of America's small business employees. Here's an interactive map that shows many of the businesses that received PPP loans valued above $150,000 in Davidson: Here are some of the local businesses in Davidson who received PPP funds: PPP between $150K - $350K Ada Jenkins Families & Careers Development Center, Inc Brickhouse Tavern LLC Davidson College Presbyterian Church Inc. North Harbor Club, LLC Davidson United Methodist Church PPP between $350K - $1 million Baybridge Management Inc Impact Financial Systems Inc. Kindred Restaurant LLC River Run Golf & Country Club Inc. PPP between $1 million - $2 million Davidson Day School Norman Technologies LLC The Pines At Davidson Inc. PPP between $5 million - $10 million 3A Composites USA, Inc A complete list of all North Carolina businesses who have received PPP loans over $150,000 may be downloaded here. Tens of thousands more businesses received loans under $150,000. Learn more about PPP loans at the SBA's website here. Lucas Combos, Patch Staff, contributed