67,000,000 Washington County PPP Loans

Approximately $ 67,000,000 in Paycheck Protection Loan Loans has been distributed over the past three months in Washington County.

Greenville saw just over $ 57 million of the total, Hollandale had about $ 3 million, and Leland about $ 6.8 million.

Find the full list here: Mississippi PPP loans over $ 150,000 and Mississippi PPP loans less than $ 150,000

According to information released by the Small Business Administration this week, 887 businesses, nonprofits and other corporations have benefited from the county lending program.

The number of jobs associated with these loans was approximately 7,961. Businesses with more than 500 employees were not eligible for the loans.

The data names companies and businesses that receive loans totaling more than $ 150,000 and does not list those with loans less than $ 150,000.

The multiple companies of the Retzer Company were the largest beneficiary of the loan program in Greenville and Washington County with four separate loans. One of the loans was in the range of $ 5 million to $ 10 million, two were in the range of $ 2 to $ 5 million, and one loan was in the range of $ 1 to $ 2 million. These loans, according to the data, have saved no less than 2,000 jobs.

Emmerich Newspapers, Inc., parent company of the Delta Democrat-Times, also benefited from the program with a $ 1.7 million loan to the company’s 26 newspapers, helping to save more than 200 jobs.

The data does not specify the exact amount of loans over $ 150,000 but categorizes them into five categories. These categories are:

* $ 5-10 million;

* 2 to 5 million dollars;

* $ 1 to $ 2 million;

* $ 350,000 to $ 1 million; and

* $ 150,000 to $ 350,000.

In the category of loans over $ 150,000, Guaranty Bank and Trust Company took out the most loans in Greenville with 22 loans that could total approximately $ 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 main distributors of loans in the under $ 150,000 category with 228 and 223 loans, respectively. Guaranty has made loans totaling $ 7,732,890 and Planters has made loans totaling $ 5,237,308. These loans were associated with 2,155 jobs.

In Leland, First Choice Homemaker Services was the largest recipient with a loan of $ 1 million to $ 2 million for 316 jobs. There were 164 PPP loans at Leland for 969 jobs.

In Hollandale, Twin County Electric was the largest beneficiary of the fund with a loan of between $ 350,000 and $ 1 million. There were 72 loans in total at Hollandale for 397 jobs.

According to a local banker, all loans can be canceled if the company has spent the money according to certain guidelines.

At least 60% of loans must be spent on payroll and the rest on interest, rent or utilities.

The SBA is the guarantor of the loans and also pays the bank charges associated with the loans taken out. For loans less than $ 350,000, banks may charge 5% fees. For loans between $ 350,001 and $ 2 million, banks earn 3%. For loans totaling more than $ 2 million, banks can earn 1% fees.

For the entire state of Mississippi, there were 3,890 loans in the above category of $ 150,000.

Among these were:

* 17 loans of 5 to 10 million dollars, the highest category;

* 119 loans in a range of 2 to 5 million dollars;

* 292 loans of the order of 1 to 2 million dollars;

* 1,108 loans in the range of $ 350,000 to $ 1 million; and

* 2,354 loans in the range of $ 150,000 to $ 350,000.

In total, just over $ 1 billion in loans for less than $ 150,000 were funded in Mississippi. The smallest loan was $ 645 to 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 publication of the data:

* By releasing PPP loan data to the public, the SBA maintains a balance between transparency to U.S. taxpayers and protecting small business confidential business information, such as payroll and personally identifiable information. Small businesses are the driving force behind American economic stability and are essential to America’s economic rebound from the pandemic. The SBA is committed to ensuring that any publication of data on PPP loans does not harm small businesses or their employees;

* PPP loans are not granted by SBA. Loans are made by credit institutions and then guaranteed by the SBA. As a result, borrowers go to lenders and certify themselves that they are eligible for PPP loans. Self-certification includes a good faith certification that the borrower has an economic need requiring the loan and a certification that the borrower has applied the rules of affiliation and is a small business, among other certifications. The lender then reviews the borrower’s application and, if all documents are in order, approves the loan and submits it to the SBA; and

* A small business or non-profit organization listed in the published data has been approved for a PPP loan by a delegated lender. However, the lender’s approval does not reflect a decision by the SBA that the borrower is eligible for a PPP loan or entitled to a loan forgiveness. All PPP loans are subject to SBA review and all loans over $ 2 million will be automatically reviewed. Just because a borrower is listed in the data as having a PPP loan does not mean that the SBA has determined that the borrower has complied with program rules or is eligible to receive a PPP loan and loan forgiveness. Further, receipt of a PPP loan by a small business should not be construed as an endorsement of the business activity or business model of the small business.

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