Craven County businesses approved for over $ 138 million in P3 loans
Craven County businesses have been approved for more than $ 138 million in loans from the Paycheck Protection Program, the federal program backed by the Small Business Association designed to help businesses keep their workforce employed during the crisis. COVID-19.
According to information recently released by the SBA, Craven Businesses have been approved for a total of 1,949 loans totaling $ 138,071,308, of which just over $ 6.5 million is outstanding.
This searchable website appearance in which companies secured federal program money last year to help businesses retain workers amid the economic shutdown from the pandemic.
Fourteen Craven companies have been approved for loan amounts in excess of $ 1 million, 27 between $ 500,001 and $ 1,000,000 and 142 between $ 150,001 and $ 500,000.
The majority of loans (708) were between $ 10,001 and $ 25,000. In total, 520 loans were less than $ 10,000.
Following: New Bern businesses ask for loan help during COVID-19 crisis
The Paycheck Protection Program stems from the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a $ 350 billion program designed to provide small U.S. businesses with eight weeks of cash flow assistance. The program was then extended by the Paycheck Protection Program and the Health Care Enhancement Act in late April 2020, which added $ 310 billion in additional funding and gave businesses more time to spend the funds.
In December 2020, a second stimulus package was enacted, adding $ 285 billion in funding and updating eligible spending. He also opened a second PPP loan for businesses that used up their first loan and experienced a 25% or more drop in revenue.
At least 60% of the PPP loan must be used to finance salary costs and benefits.
The remaining 40% can be spent on expenses such as mortgage interest payments, rent and lease payments, utilities, and operating expenses such as software and accounting needs.
If businesses meet the required guidelines, they will be eligible for 100% forgiveness of the loan, turning it into a tax-free grant.
Following: Local health care and the service sector among the main beneficiaries of the PPP
On May 4, the SBA announced that the PPP fund was almost cash-strapped. In the future, the loan program will only accept applications through community financial institutions. For more information, visit www.sba.gov/funding-programs/loans/covid-19-relief-options/paycheck-protection-program
Who Has Received P3 Loans In Craven County?
Craven County’s manufacturing industry received the highest amount of P3 loans, with a total of $ 18,295,585 out of 74 loans. The local health care and social assistance industry received 214 PPP loans, totaling $ 22.4 million, while retail businesses received 191 loans totaling nearly $ 18 million .
Other Craven industries approved for PPP loans are:
– Accommodation and food services: 160 loans, $ 15,908,568
– Professional, scientific and technical services: 177 loans, $ 14,962,935
– Other services (except public administration): 319 loans, $ 10,237,248
The major borrowers among individual Craven businesses run the gamut from healthcare facilities and auto dealerships to law firms and restaurants. Hatteras Cabo Yachts received the most funding with two installments, one for $ 4,536,500 in April 2020 and another for $ 2,000,000 in January 2021.
Other companies that received over $ 1 million in PPP loans were:
– Carolina Coastal Health Care ($ 4,901,300)
– Ward and Smith PA ($ 3,476,600)
– Realo Discount Drug Stores in Eastern North Carolina ($ 1,884,700)
– D2 Government Solutions LLC- ($ 1,829,304 and $ 1,824,477)
– Eastern Aviation Fuels Inc ($ 1,218,100 and $ 1,218,100)
– James L. Cayton Associates Inc. ($ 822,400 and $ 818,600)
– Wheatstone Corporation $ 1,161,025 and $ 1,575,400)
– Blue Arbor, Inc. ($ 1,754,400)
– Carolina Orthopedic and Sports Medicine, Inc. ($ 1,087,900)
Several local restaurants, Persimmons, Bakers Kitchen, Sanuki Japanese Steak and Seafood and Simmons Restaurant Group each received PPP loans of approximately $ 300,000.
A number of auto dealers, including Trent Cadillac Buick GMC, Cella Ford, Eastern Carolina Nissan, Inc. and Hyundai of New Bern, have secured loans ranging from $ 931,000 to $ 247,000.
The Epiphany School for Global Studies ($ 598,700) was the only educational institution listed among the grantees, while only one church, Temple Baptist of New Bern ($ 237,400), was approved for a PPP loan. The Eastern North Carolina Young Mens Christian Association LLC, which funds the Twin Rivers YMCA, received $ 795,300 from two P3 loans.