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CN companies received more than $ 12 billion in P3s

Update: This story has been corrected to correct errors found in the Small Business Administration database. The searchable database included in this story is taken directly from information provided by the SBA and may include additional errors. Submit any errors to [email protected] or [email protected]

The United States Small Business Administration has released the much anticipated The data Monday, disclosing the names of the main beneficiaries of the Paycheck Protection Program loans – specifically naming the businesses and nonprofits that have received more than $ 150,000.

The SBA also released information on companies that received P3 loans under $ 150,000, including zip code, industry, and number of jobs retained. It did not include the names of these companies.

Designed at the start of the COVID-19 pandemic, the Paycheck Protection Program was designed as a lifeline for many small businesses that have been hit hard by the coronavirus.

The program, which is run by the SBA, allows businesses and nonprofits with fewer than 500 workers to get a low-interest loan to cover up to two months of payroll and expenses such as rent and utilities. If the loan is used to retain workers and the company does not reduce wages, it turns into a grant – a attractive prospect since most of the other reliefs and deferrals are added to a company’s debt.

The program had a difficult deployment in its infancy, short of money. Many companies have complained that they were excluded from the first rounds of PPP funding as banks struggled to get loans at the start. While the program was run by the SBA, the government tasked banks with processing loans and channeling money to businesses.

Ten North Carolina banks were responsible for 60% of the PPP loans over $ 150,000 accepted so far. The biggest lenders were Truist, which was previously BB&T and SunTrust (3,073 loans); First Citizens Bank (1,802); Pinnacle Bank (834); PNC Bank (722); and the FNB bank (703).

Over the weekend, President Donald Trump signed a law extending the PPP deadline for small business owners. According to the Washington Post, $ 150 billion remains in the fund.

SBA data shows that in North Carolina, nearly 122,000 loans were signed as of June 30. In total, the loans were worth more than $ 12.4 billion.

More than 16,300 businesses in the state have received loans over $ 150,000, according to the SBA, and 105,590 businesses in North Carolina have received loans under $ 150,000.

Of the largest loans, 60% were between $ 150,000 and $ 350,000. One hundred companies have received loans of $ 5 million to $ 10 million.

The largest number of loans over $ 150,000 – 2,267 – went to businesses in the city of Charlotte.

But about a quarter of all PPP loans went to businesses in the Triangle, with 4,236 businesses receiving loans over $ 150,000 located in Congress Districts 2 and 4. Loans under $ 150,000 were granted to 25,926 enterprises in these districts.

In Raleigh, 1,603 businesses received loans over $ 150,000, according to the SBA, and 8,089 businesses received loans under $ 150,000.

In Durham, 603 businesses received loans worth over $ 150,000 and 3,207 received loans under $ 150,000.

In Cary, 325 businesses received loans over $ 150,000 and 2,344 received loans under $ 150,000

In Chapel Hill, 184 companies took out loans over $ 150,000 and 1,207 took out loans under $ 150,000.

Among the biggest recipients of PPP loans in Raleigh were student housing developer DP Preiss, building materials supplier Carolina Sunrock and consultancy firm FMI Corp. In Durham, recipients of the largest loans included EmergeOrtho, an orthopedic clinic, and Rho Inc., a clinical drug development company.

Data revealed how widespread the impact of the pandemic was on North Carolina’s economy, with a wide variety of industries and organizations asking for help, schools like William Peace University and the East and Central North Carolina nonprofit food bank to real estate companies like Kane Realty and hotels like the Pinehurst Resort.

Construction, health care and social assistance companies received the most loans over $ 150,000 of any industry. Many of the loans under $ 150,000 have also gone to these industries, with a large number also going to accommodation and food companies. The names of the companies that received the smallest loans were not made public.

According to the data, loans under $ 150,000 retained 497,003 jobs and loans over $ 150,000 retained 696,313 jobs.

Some $ 3.5 billion went to businesses in economically troubled regions. The SBA has not required companies receiving PPPs to disclose demographic information, so it is unclear how much of the loans went to businesses owned by people of color or women.

An earlier version of this story, which relied on information from the Small Business Administration’s database, incorrectly stated that Duke School received $ 5-10 million in PPP loans. The school was approved for a loan of less than $ 1 million.

News & Observer reporter David Raynor contributed to this story.

This story was originally published July 6, 2020 3:08 pm.

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Zachery Eanes is the Innovate Raleigh reporter for The News & Observer and The Herald-Sun. It covers technology, startups and large companies, biotechnology and education issues related to these fields.

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Sophie Kasakove is a member of Report for America Corps and covers the economic impacts of the coronavirus. She previously covered environment, large industry and development as a freelance reporter in New Orleans.