Which Columbus companies were approved for at least $150K in PPP loans? Check our database
According to data recently released by the federal government, nearly 270 businesses in Columbus were approved to receive at least $150,000 in federal rescue loans meant to save and retain jobs during the height of the coronavirus pandemic.
Of those nearly 270 companies, 27 were approved to receive at least $1 million.
Here’s what you need to know:
What is the PPP?
The U.S. Small Business Association and the Treasury Department this week released the names and other data of companies that have been approved for loans under the Paycheck Protection Program (PPP).
To help keep small businesses in operation during the coronavirus pandemic, the PPP was established as part of Congress’ $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act.
So far, 4.9 million loans have been approved nationally, totaling almost $521.5 billion. Those loans were approved between the launch of the program on April 3 and June 30, when the SBA stopped accepting new applications. Congress recently voted to extend the program until August 8.
According to an SBA fact sheet, organizations listed in the data have been approved for a PPP loan by a delegated lender.
“However, the lender’s approval does not reflect a determination by SBA that the borrower is eligible for a PPP loan or entitled to loan forgiveness,” the fact sheet states.
The report disclosed the names and addresses of businesses that were approved for at least $150,000, while those that were approved for less than $150,000 were not named.
Specific loan sizes were not released. Instead, loan amounts were listed in ranges, such at “$50,000 and under” or “$150,000-$350,000.”
Nationally, the overall loan size is around $107,000, and 86.5% of all loans were for less than $150,000, the report states.
In Georgia, 156,814 organizations received the loans. According to the SBA’s report, the total amount loaned to businesses in Georgia, which includes religious organizations and other nonprofits, is over $14.5 billion.
Surrounding states received varying amounts: South Carolina received $5.7 billion; North Carolina $12.4 billion; Tennessee $8.9 billion; Alabama $6.2 billion; and Florida $32 billion, according to the report.
According to the New York Times, around $30 billion of loans approved nationally were returned “by companies that realized they weren’t eligible, worried about meeting the conditions to make the loans forgivable or frightened by the public outcry about big firms getting funds.”
Some of those that drew negative attention included investment firms, major law firms, companies connected to federal lawmakers and start-ups that still laid off employees, the NYT reported.
How much did Columbus businesses receive?
In Columbus, 269 businesses were approved for least $150,000 in loans.
- Approximately 63% of the loans approved were between $150,000 and $350,000.
- Approximately 26% of the loans approved were between $350,000 and $1 million.
- Approximately 5% of the loans approved were between $1 million and $2 million.
- Approximately 4% of the loans approved were between $2 million and $5 million.
- Less than 1% of the loans approved were between $5 million and $10 million.
The average number of jobs retained at Columbus businesses that were approved for loans is 57, and the total amount of jobs retained is 13,719.
Schuster Enterprises Inc., a Burger King franchise company, reported the largest number of employees, listing 500. The company was approved for the largest PPP loan in Columbus, an amount between $5 million and $10 million.
The Ledger has also compiled a list of companies that were approved for at least $1 million. The maximum loan amount each company is eligible to receive is calculated by multiplying their average monthly payroll costs by 2.5, according to paperwork provided to the Ledger-Enquirer from St. Luke Methodist Church.
The church reported a discrepancy in the numbers provided by the SBA after they were published by the L-E on Wednesday. The data shows that the church applied for a loan and disclosed it had 19 employees, while a representative from the church produced application paperwork stating there were 274 employees supported by the loan.
The reason for the discrepancy was not immediately clear.
Chamber of Commerce’s role
In Columbus, the Greater Columbus Chamber of Commerce allocated resources to help small businesses in the county apply for the loans, according to Amy Bryan, executive vice president of community development and growth for the chamber. The chamber had an employee dedicated to understanding the process to help businesses apply.
“We decided on the front end too this wasn’t just about our chamber membership; but about the business community in general,” Bryan said. “So we offered these services up to anyone that needed them. We also ended up with a resource page on our website with lots of tutorials and how-to’s as people were going through the process.”
Columbus, Bryan said, is fortunate to have financial institutions such as Synovus in its backyard.
Of the loans issued to Columbus businesses, 48% were issued by Synovus Bank, according to the SBA data. Other lenders frequently seen on the list include Southern States Bank, Truist Bank, Colony Bank, Renasant Bank and others.
“The lenders were very equipped to walk these people through the process, and a lot of small businesses have very dedicated CPAs that did a really great job on the front end of this too, making sure that their clients had all of the resources they need,” she said.
For those people applying now, Bryan said that lenders and CPAs will be more educated now that the first wave of applicants has completed the process.
Take a look
Here’s a list of all of the Columbus businesses that received at least $150,000 from the PPP.
This story was originally published July 10, 2020 at 7:00 AM.