Which Wilmington businesses have benefited from millions of dollars in PPP loans?
The federal government has injected between $217 million and $526 million into the coffers of 752 businesses in the region this year.
This is according to recently released figures documenting the US Small Business Administration Paycheck Protection Program. The $521 billion plan passed by Congress in response to the coronavirus pandemic was designed to help businesses keep their workers employed during the COVID-19 crisis.
And that’s exactly what the program has done for Margaret Rudd & Associates, Inc., realtors in Southport and their 22 full-time staff, said George Brake, Chief Broker.
“It was a great program for us,” Brake said. “We didn’t even have to consider firing anyone” thanks to the loan, which was between $150,000 and $350,000. (Brake would not disclose the exact amount.)
The loan was granted in mid-April, Brake said, at a time when vacation rentals — “a big part of our business” — were shut down due to the pandemic.
PPP loans are low interest loans. The SBA will forgive them, however, if companies can prove that they retained a certain number of employees and that the money was used for approved expenses.
“We hope he’s 100% forgiven,” Brake said, as the money was almost entirely spent on payroll. But the paperwork is no joke: “It’s coming out of our ears.”
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Of the 752 Wilmington-area businesses that got loans, 52 totaled more than $1 million, including three — Johnston Architecture, Lower Cape Fear Hospice and Wilmington Health — that got between $5 million and $10 million .
Thirteen companies have obtained loans between $2 and $5 million: Bradford Products and Campbell Sales Group in Leland; Dosher Hospital in Southport; and Bob King Buick-GMC, Bulk Power LLC, Castle Branch, Cornelia Nixon Davis Inc., EMS LINQ Inc., MegaCorp Logistics, Queensboro Industries, S&S Services Group, South Atlantic Services and The N2 Company in Wilmington.
Loans worth between $350,000 and $1 million were granted to 176 companies and 524 obtained loans between $150,000 and $350,000.
Of the businesses receiving loans, 290 are listed as corporations, while 41 are nonprofits.
PPPs in Wilmington:Click here to see a list of loans for places in the region
Forty-one businesses are listed as having retained 100 or more jobs thanks to the loans. The largest were Castle Branch (398), S&S Services (379), McAnderson’s, Inc. (304), Lower Cape Fear Hospice (299), MegaCorp Logistics (299), South Atlantic Services (284), Reeds Jewelers (257) , Coastal Gyms (225) and EMS LINQ (200).
Mike Robertson owns Jack Mackeral’s, a Kure Beach restaurant he opened in 2005. Without the $330,000 loan his restaurant got through PPP, Robertson said, “We wouldn’t be in business today. today.
Robertson said the loan allowed him to keep around 40 jobs.
More than three dozen other restaurants or food establishments in the area also secured loans, including Boundary House ($350,000-$1 million) and Ella’s Seafood ($150,000-$350,000) in Calabash; Poe’s Tavern in Wrightsville Beach ($150,000-$350,000); Michael’s and The Ocean Grill in Carolina Beach ($150,000 to $350,000 each); and Indochine ($350,000-$1 million), The Boathouse, The Bento Box, PinPoint and the Sawmill (all $150,000-$350,000) in Wilmington.
Just under 100 of the companies getting loans are healthcare providers, including Delaney Radiologist Group and Wilmington Eye.
And 15 area churches have received loans, including, in Wilmington, First Baptist Church, First Presbyterian Church, St. Mary’s Catholic Church and St. Andrew’s Covenant-Presbyterian Church, all receiving between 150,000 $ and $350,000.
Businesses that need loans still have time to apply. The PPP program resumed accepting applications on July 6 after the program was extended. The new deadline for applying for a PPP loan is August 8.
Contact John Staton at 910-343-2343 or [email protected]
By the numbers
Hundreds of businesses in southeastern North Carolina have secured loans from the US Small Business Administration under the pandemic-induced Paycheck Protection Program. Here’s how it all breaks down.
752: Total number of enterprises having obtained loans.
52: Companies that have obtained loans of more than one million dollars.
41: Businesses that say the loans helped them retain 100 or more jobs.
$217 to $526 million: Range of total loan value.