About $67,000,000 in Paycheck Protection Programs loans were distributed in the last three months in Washington County.
Greenville saw just more than $57 million of the total, Hollandale had about $3 million and Leland had about $6.8 million.
Find the full list here: Mississippi PPP Loans more than $150,000 and Mississippi PPP loans less than $150,000
According to information released by the Small Business Administration this week, 887 businesses, non-profits and other corporations benefited from the loan program in the county.
The number of jobs associated with those loans were about 7,961. Businesses with more than 500 employees were not eligible for the loans.
The data names corporations and business receiving loans totaling more than $150,000 and does not name those with loans less than $150,000.
The Retzer corporation’s multiple companies were the largest beneficiary of the loan program in Greenville and Washington County with four separate loans. One of the loans was in the $5-$10 million range, two were in the $2-$5 million range and one loan was in the $1-$2 million range. Those loans, according to the data, helped to save no less than 2,000 jobs.
Emmerich Newspapers, Inc., parent company of the Delta Democrat-Times, was also a beneficiary of the program by a $1.7 million loan across the 26 newspapers in the company helping to save more than 200 jobs.
The data does not specify the exact amount of loans of more than $150,000 but places them in five categories. Those categories are:
* $5-10 million;
* $2-$5 million;
* $1-$2 million;
* $350,000-$1 million; and
In the more-than-$150,000 loan category, Guaranty Bank and Trust Company wrote the most loans in Greenville with 22 loans that could total about $9,000,000 and 742 jobs saved. Planters Bank and Trust Company was the second largest with 10 loans.
Guaranty and Planters were again the high distributor of loans in the under $150,000 category with 228 and 223 loans respectively. Guaranty wrote loans totaling $7,732,890 and Planters wrote loans totaling $5,237,308. Those loans were associated with 2,155 jobs.
In Leland, First Choice Homemaker Services was the largest beneficiary with a loan between $1-$2 million for 316 jobs. There were 164 PPP loans in Leland for 969 jobs.
In Hollandale, Twin County Electric was the largest beneficiary of the fund with a loan between $350,000 and $1 million. There were 72 total loans in Hollandale for 397 jobs.
According to a local banker, all of the loans can be forgiven if the company spent the money according to certain guidelines.
At least 60% of the loans must be spent on payroll and the rest on interest, rent or utilities.
The SBA is guarantor for the loans and is also paying the banks fees associated with the loans they write. For loans below $350,000, banks can earn 5% in fees. For loans between $350,001 and $2 million, banks earn 3%. For loans totaling more than $2 million, banks can earn 1% in fees.
For the entire state of Mississippi, there were 3,890 loans in the above $150,000 category.
Of those there were:
* 17 loans of between $5-$10 million, the highest category;
* 119 loans in $2-$5 million range;
* 292 loans in the $1-$2 million range;
* 1,108 loans in the $350,000-$1 million range; and
* 2,354 loans in the $150,000-$350,000 range.
A total of just more than $1 billion in loan for less than $150,000 were funded in Mississippi. The smallest loan was for $645 in Yazoo City to an LLC with two employees.
The first loans were approved on April 3 and the program is still in effect.
From the data release:
* In releasing PPP loan data to the public, SBA is maintaining a balance between providing transparency to American taxpayers and protecting small businesses’ confidential business information, such as payroll and personally identifiable information. Small businesses are the driving force of American economic stability and are essential to America’s economic rebound from the pandemic. SBA is committed to ensuring that any release of PPP loan data does not harm small businesses or their employees;
* The PPP loans are not made by SBA. The loans are made by lending institutions and then guaranteed by SBA. Accordingly, borrowers apply to lenders and self-certify that they are eligible for PPP loans. The self-certification includes a good faith certification that the borrower has economic need requiring the loan and a certification that the borrower has applied the affiliation rules and is a small business, among other certifications. The lender then reviews the borrower’s application, and if all the paperwork is in order, approves the loan and submits it to SBA; and
* A small business or non-profit organizations listed in the publicly released data has 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. All PPP loans are subject to SBA review and all loans over $2 million will automatically be reviewed. The fact that 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. Further, a small business’s receipt of a PPP loan should not be interpreted as an endorsement of the small business’ business activity or business model.