Coronavirus Relief Loans In Mooresville: Where PPP Money Went

Mooresville NC

07 July, 2020

6:55 PM

Description

MOORESVILLE, 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 Mooresville: Here are some of the local businesses in Mooresville who received PPP funds: PPP between $150K - $350K Big Daddy's of Lake Norman Inc Lazy 5 Ranch Mooresville Ford Mercury, Inc Young's Motorsports St. Therese Catholic Church New Victory Lanes, LLC Jeffrey's Restaurant Eddie's Seafood and Raw Bar PPP between $350K - $1 million Dala Casa Landscaping & Design Dale Earnhardt Inc Detroit Speed, Inc. Hoke Lumber Company Inc Keffer of Mooresville LLC Kyle Busch Motorsports, Inc Pine Lake Preparatory, Inc The Citadel Mooresville, LLC Woodlawn School PPP between $1 million - $2 million Amiad USA Inc Randy Marion Ford Lincoln, LLC Randy Marion Chevrolet of Statesville, LLC Pedulla Trucking, Excavating & Paving, Inc. Lyon Services Corporation JR Motorsports LLC PPP between $2 million - $5 million Randy Marion Chevrolet Buick Cadillac, LLC Roush & Yates Racing Engines LLC Combs Construction Company, Inc. Lake Norman Anesthesia AMV Holdings LLC American Merchandising Specialists, Inc. Sunenergy1, LLC Michael Weinig Incorporated PPP between $5 million - $10 million Structure Medical 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