Nearly 2,000 Paycheck Protection Program loans were approved in Effingham County since the launch of the federal program last year. According to data released by the U.S. Small Business Association, 1,194 loans totaling $50,409,351 went to businesses across the county since last year.
Initially included in the Coronavirus Aid, Relief, and Economic Security Act, the program ended on May 31 after several extensions. The funds were available to businesses and organizations that employ fewer than 500 people and could be used for rent, utilities, mortgage interest and payroll.
The top industries in Effingham that received loans include retail, healthcare and social assistance; construction and transportation and warehousing.
The majority of the loans approved, 528, ranged between $10,001 to $25,000; there were 391 loans approved for less than $10,000 and four of the loans approved totaled more than $1 million.
The top five borrowers in Effingham were Edwards Interiors, which received two loans totaling $5 million; Effingham Hospital, $4,152,601; Georgia Emergency Associates, $1,334,765 and The McGraley Company, $626,761.
Together the loans helped these businesses retain just over 830 jobs.
According to the data, there is nearly $4 million loans that haven't been disbursed in Effingham County.
In Bryan County, 1,112 loans were approved for a total of $50,555,642. Firearm manufacturer Daniel Defense received the highest loan amount, totaling just over $3 million.
In Chatham County, 13,534 loans were approved totaling over $744 million. The top borrower in Chatham County was Thomas & Hutton, which received $5,266,200.
Katie Nussbaum is the city and county government reporter for the Savannah Morning News. Contact her at knussbaum@savannahnow.com. Twitter: KmartSMN
This article originally appeared on Savannah Morning News: Effingham businesses receive $50 million through Paycheck Protection Program
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