Mississippi law firms, electrical co-ops, and even some nonprofits have received more than $ 3.165 billion in loans under the federal paycheck protection program designed to preserve jobs in the wake of the COVID-19 pandemic.
Butler Snow was one of 16 companies in the state to receive the largest loans, ranging from $ 5 million to $ 10 million.
The others included:
- FL Crane and Sons, a Fulton-based construction company.
- Franklin Corporation, a Houston-based furniture maker.
- Gastrointestinal Associates with Flowood.
- The Hol-Mac Corporation in Bay Springs, which manufactures steel parts, cylinders and tanks.
- Jindal Tubular USA, a pipe manufacturer in Bay St. Louis.
- Max Home based in Fulton, a furniture maker.
- Mid River Restaurants in Natchez.
- Pilgrim construction company in Heidelberg.
- Flowood’s Puckett Machinery Company.
- Southern Electric Corporation of Flowood.
- Southern Tire Mart in Colombia.
- Gulfport Staff Pro, which provides staffing services for the hospitality industry.
- Greenville’s Retzer Group, which is the largest McDonald’s franchise owner in the United States
- Tupelo Wise Staffing Services.
A total of 45,817 loans were granted to state enterprises, including 3,889 for more than $ 150,000. There were 119 loans issued in the $ 2-5 million range, while 292 were in the $ 1-2 million range.
The loans become pardonable as long as certain criteria are met, such as job retention as well as salary levels. Money can only be spent on qualifying expenses. The PPP was part of Coronavirus Aid, Relief, and Economic Security (CARES) Act which was adopted in March by Congress
Eighteen of the state’s 26 nonprofit electricity associations also received loans under the program.
One of the nonprofits loaned under the program was the Delta Health Alliance, a 501 (c) (3) nonprofit based in Stoneville. The organization received a loan of between $ 2 million and $ 5 million to preserve 334 jobs.
Another was the North Mississippi Family Resource Center, which received a loan of between $ 1 million and $ 2 million. In 20, the organization also received money from the Temporary Help for Needy Families program as part of the Families First initiative, which involved $ 94 million in abusive spending and is under investigation. by state and federal authorities.
Eleven golf courses, including La Réunion in Madison and the Jackson Country Club, have received loans.
There were 4.9 million loans made nationally, the average size being around $ 100,000. The total amount of loans issued under the program is over $ 521 billion and $ 131.9 billion remains available for business loans.
The US Department of the Treasury released all information, including names and addresses, on loans over $ 150,000 while omitting names on the other list of recipients who received $ 150,000 or less.
Emmerich Newspapers received a loan from the PPP program.
A complete list of PPP recipients who received more than $ 150,000 can be found here.