CHARLESTON, S.C. (WCBD) – Exactly 4,885,388 loans were distributed across the nation as part of the Small Business Administration’s (SBA) Paycheck Protection Program (PPP). According to the government agency, the loans totaled $521,483,817,756 supporting 51,125,937 jobs.
According to U.S. Census data, the PPP supports as much as 84% of small business employees.
South Carolina businesses received 63,178 loans totaling $5.7 billion dollars.
7,615 South Carolina Businesses received loans greater than $150,000. At least 1,679 of the businesses are registered in the Lowcountry.
Critics across the country have called for reviews on the compaies that received more than $2 million.
SBA released information on the loans over $150,000. You can search local businesses using the data sheet below by loan amount, business, address, city, and number of jobs saved.
At least seven Lowcountry businesses received loans between $5-10 million.
News 2 reached out to several of the companies in the highest loan bracket to learn more about what the aid meant for their business.
Mount Pleasant law firm, Motley Rice did not respond to News 2’s inquiry.
A spokesperson for Chipton and Ross said, “We have operations and employees in 20 states and the PPP helped us survive.”
Chip Chase, FTC Public Relations Director, said, “We received the loan disbursement and used the funds for the eligible expenses as intended by the loan.”
Aviation and defense company, BGI, LLC’s CEO and Founder said the Ohio based company is grateful for the program. The veteran owned business has a branch office in Mount Pleasant.
“In April 2020, during the height of the current and ongoing pandemic, BGI applied for and received a PPP loan under the CARES act. BGI’s limited access to capital markets and the extreme economic uncertainty the COVID-19 crisis caused, made BGI and it’s 400+ employees extremely susceptible to work stoppages and delays. The funds received and used in compliance under the PPP guidance have allowed BGI to support its continued business operations while also retaining and keeping all of its employees working throughout this ongoing crisis, and will continue to provide the needed relief as we navigate this ongoing crisis. BGI is grateful for the foresight our government had in creating the PPP program and its focus on keeping America’s small business’s viable during this unimaginable time.”PHIL DISMUKES
BGI, Chief Executive Officer
Healthcare and Social Assistance made up the largest sector of loans nationwide, followed by Professional, Scientific, and Technical Services, Construction, and manufacturing.