Nearly 2,300 Charlotte companies got big PPP loans. Here's the list.
22 local companies received between $5M-$10M in government relief program; Truist and BofA among biggest local lenders
Today is Monday, July 6, 2020, and this is a WEB EXTRA of The Charlotte Ledger, an e-newsletter with business-y local news. Sign up for free:
(Photo by Alexander Mills/Unsplash)
Nearly 2,300 Charlotte businesses received emergency Covid bailout loans of more than $150,000 from the federal government this spring, according to new data released Monday by the Small Business Administration.
The data identifies the businesses and nonprofits receiving the loans, along with the approximate amounts they collected under the Paycheck Protection Program and the number of jobs saved.
[Want to see the spreadsheet with the 2,300 business names and how much they received? Check it out here.]
Many businesses applied for the loans as a way to keep their companies afloat and keep workers employed as the economic effects associated with the coronavirus cost them gobs of money.
Recipients include many notable business names, including restaurants, churches, construction companies, law firms, medical providers and nonprofits.
According to a Ledger analysis of the data, the list includes:
22 businesses who received between $5M and $10M. Companies include Bojangles, Wendy’s franchisee Carolina Restaurant Group, Hickory Tavern, OrthoCarolina, Johnson C. Smith University, law firm Parker Poe and Tryon Medical Partners. [Update, 7:15 p.m.: A Bojangles spokeswoman says that although Bojangles applied for and was approved for a PPP loan, the company decided not to proceed and did not receive money under the program.]
90 businesses that received between $2M and $5M. Companies include WCCB parent Bahakel Communications, Forest Hill Church, Foundation for the Carolinas, Golden Corral, tech firms Levell and Passport.
170 businesses that received between $1M and $2M.
Which banks made the most loans to Charlotte companies? Truist made 319, Bank of America made 200, and First Citizens Bank made 189. Wells Fargo made 93.
The full nationwide set of data is available on the SBA’s website.
A consortium of media organizations is suing the SBA for details on the loan recipients, because the government agency was not planning to provide that information. It has not released details on companies that received less than $150,000.
[Disclosure: The Ledger did not apply for a PPP loan.]
Update, 4:41 p.m.
WSOC’s Joe Bruno with some additional recipients:
Need to sign up for this e-newsletter? Here you go:
Got a news tip? Think we missed something? Drop us a line at email@example.com and let us know.
Like what we are doing? Feel free to forward this along and to tell a friend.
Archives available at https://charlotteledger.substack.com/archive.
On Twitter: @cltledger
Sponsorship information: email firstname.lastname@example.org.
The Charlotte Ledger is an e-newsletter and web site publishing timely, informative, and interesting local business news and analysis Mondays, Wednesdays, Fridays and Saturdays, except holidays and as noted. We strive for fairness and accuracy and will correct all known errors. The content reflects the independent editorial judgment of The Charlotte Ledger. Any advertising, paid marketing, or sponsored content will be clearly labeled.