Paycheck Protection program loans keeping businesses staffed
Pearl River County businesses were approved for over $25 million in loans from the Paycheck Protection Program by the end of June, according to data released by the SBA and the U.S. Treasury.
Across the state of Mississippi, 45,817 businesses or nonprofits have received PPP loans, for a combined $3.2 billion to support small businesses in the state.
The PPP program is meant to encourage small businesses to keep employees on the payroll during the pandemic. The low interest loans can be fully forgiven if the business retains all of its employees. The program resumed accepting loan applications on July 6 and the deadline for applications is August 8.
Only one business in the area received a loan in the $2-$5 million range: Coast Electric Power Association, located in Kiln. The loan helped keep employees working during the pandemic, said Director of Communications April Lollar.
“This was especially helpful while shelter in place orders were active and schools were closed, which created challenges for employees,” Lollar said via email. “Because we received these funds, Coast Electric was able to retain all employees on staff at their regular rate of pay even when our offices were closed to the public, and while Coast Electric was not making collections or disconnecting members.”
According to the PPP loan data, Coast Electric retained 250 jobs.
There were 12 businesses that received loans in the $350,000-$1 million range to help retain 706 jobs, and 24 businesses in the county received loans in the $150,000-$350,000 range to help retain 712 jobs. Loans in those top three ranges brought somewhere between $9.8 million-$25.4 million to support businesses in the county.
Even more businesses received loans for less than $150,000. Many of those loans were for $1,000-$2,000. Together businesses and nonprofits in Pearl River County received close to $15.3 million in PPP loans smaller than $150,000.
In Picayune, 441 businesses were approved for a total of $11 million in PPP loans smaller than $150,000 to help retain 1,969 jobs. In Poplarville, 124 businesses received a total of $2.7 million to help retain 574 jobs. In Carriere, 143 businesses received a total of $1.6 million to help retain 540 jobs.
Businesses that received PPP loans for $350,000-$1 million:
-Cuevas Machine Co, Inc.
-Dads Camper Outlet LLC,
-Herring Ford, Inc.,
-J-Kaulk Firestopping, Inc.
-Lauzon Enterprise, LLC
-Mossy of Mississippi, LLC
-Paw Paw’s Camper City Inc
-Performance Inflatables Co, LLC
-Power Dynamics Innovations, LLC
Businesses that received PPP loans in the $150,000-$350,000 range:
-Advanced Eyecare LLC
-American Crescent Elevator MFG Corp
-Coastal Metal Works, LLC
-Hopkins Enterprises of MS, LLC
-J. Patrick Lee Construction, LLC.
-Lakeshore of Picayune, LLC
-Lams Facility Solutions LLC
-Nexion Health At Picayune, Inc
-Nissan of Picayune LLC
-Pearl River Fabricators Inc.
-Picayune Drug Co., Inc.
-Picayune Veterinary Clinic Incorporated
-Seal Enterprises, Inc.
-South Mississippi Veterinarian Clinics Inc
-St. Tammany Box Company
-The Way, Inc.
-Woodworkers Construction Inc
-Williams Williams & Montgomery PA
-Wheat’s Roofing and Building Supplies, Inc.
-Solace Hospice Inc.
-Re-Steel Express Services Inc
-Ramey and Sons, Poplarville, LLC
-Holliday Construction LLC
– TST&E, LLC
The Item’s parent company, Boone Newspapers, Inc. based in Tuscaloosa, AL, also received a PPP loan in the $2-$5 million range.