Coronavirus Paycheck Protection Loans In GA: Where The Money Went

Here is a list of Georgia businesses that received the largest government coronavirus loans. Who’s on the list may surprise you.

GEORGIA — The U.S. Small Business Administration and U.S. Treasury released details Monday of the Paycheck Protection Program that helped businesses affected by the coronavirus pandemic.
The massive data dump came in response to requests for transparency from Democrats and lawsuits filed by major media organizations, including The New York Times; The Washington Post; Dow Jones, publisher of The Wall Street Journal; and ProPublica.
More than 4.9 million loans over $150,000 were made to businesses and nonprofit organizations across the country; the total amount for approved loans over that amount was more than $521 billion.
What Is A Paycheck Protection Loan?
PPP loans are given by banks and credit unions, with all loans guaranteed by the SBA. All PPP loans are subject to review by the SBA; all loans over $2 million are automatically reviewed by the SBA.
“Because a borrower is listed in the data as having a PPP loan does not mean that SBA has determined that the borrower complied with program rules or is eligible to receive a PPP loan and loan forgiveness,” the SBA said in a statement about the data release. A loan also does not imply endorsement of any given business.
The average size of a PPP loan is around $107,000, and 86.5 percent of all loans were for less than $150,000, according to the SBA.
PPP loans have an interest rate of 1 percent and can be fully forgiven if they are used for payroll costs, interest on mortgages, rent and utilities.
Paycheck Protection Loans To Georgia Businesses
More than 18,000 businesses in Georgia were approved for loans greater than $150,000. Those loans account for 865,581 Georgia jobs, according to the SBA.
Here’s a breakdown of loan amounts approved in Georgia:

  • $5 million to $10 million: 123
  • $2 million to $5 million 624
  • $1 million to $2 million: 1,417
  • $350,000 to $1 million: 5,298
  • $150,000 to $300,000: 10,829

Loans to Georgia businesses ran the gamut and included higher education institutions, religious schools, manufacturers, car washes, real estate agent companies and non-profits.

Below is a searchable database of coronavirus loans over $150,000 given to Georgia businesses. Because a business’s legal name may not match its publicly known name, Patch has included street addresses so readers can more easily follow the money. All information is as supplied by the SBA. If information is blank, the applicant may not have disclosed it when applying for a loan.
The full list of SBA loans across the U.S. can be found here

 

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