Nearly 14,000 businesses across Chatham County received assistance from the Paycheck Protection Program, according to data released by the U.S. Small Business Administration. The 13,534 PPP loans approved in the county totaled more than $774 million.
Launched last year 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.
In Chatham, the top industries that received the most PPP loans include transportation and warehousing; accommodation and food services; professional, scientific and technical services and retail.
The majority of loans approved, 6,235, ranged from $10,001 to $25,000; there were 3,598 loans approved for less than $10,000 and 78 loans were for more than $1 million.
The top five borrowers in the county were Thomas & Hutton, $5,266,200; Terminal Investment Corp., $5,140,958; Lummus Corp., $4,123,100; Southside Communities Fire Protection Inc., $3,113,918, and MacAljon Inc., $3,047,456.
Together the loans helped these five businesses retain just over 1,500 jobs.
According to the data, there is $54,630,892 in loans that haven't been disbursed in Chatham County.
In neighboring 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 Effingham County, 1,194 loans were approved for a total of $50,409,351. Effingham Hospital received the highest loan amount, totaling $4,152,600.
There is about $5.9 million in loans across Bryan and Effingham counites that haven't been disbursed.
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: More than $700 million in Paycheck Protection loans approved for Chatham businesses
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