Mornin’, Nooga. Trista here — let’s talk money. 💰 ICYMI — the application period for the federal Paycheck Protection Program (PPP) has been extended to Saturday, August 8. Small businesses can still apply for assistance up until that date. The PPP was put in place as part of the CARES Act to assist businesses with payroll during the COVID-19 shutdown.
Earlier this week, the Small Business Association released data showing which businesses across the country have received the highest payouts from PPP — including companies and nonprofits that have received $150,000 or more.
Open the Books (a Chicago-based nonprofit committed to the transparency of government spending) has also created a searchable map so you can view all the small businesses that have received funding in your neighborhood.
PPP recipients in Chattanooga | via Open the Books
DYK — about 82% of the state’s small business payroll was taken care of by PPP loans. The highest amount a company can receive is between $5 + $10 million, and 87 businesses in Tennessee were granted that amount.
Out of the 87, there were five Chattanooga businesses who were top recipients:
○ Adman Electric Inc. | 400 jobs retained
○ Metropolitan Security Services, Inc. | 500 jobs retained
○ The Orange Grove Center Inc. | 500 jobs retained
○ Southern Champion Tray LP | TBD
○ Vision Hospitality Group Inc. | 500 jobs retained
Plus some other names you might recognize:
○ Blood Assurance Inc. | loan range $2-5 million | 220 jobs retained
○ Tennessee Aquarium | loan range $2-5 million | 286 jobs retained
○ Chambliss Center for Children | loan range $1-2 million | 159 jobs retained
○ Girls Preparatory School | loan range $1-2 million | 196 jobs retained
○ McKay Books Inc. | loan range $1-2 million | 174 jobs retained
Highest PPP recipients in Chattanooga | US Department of the Treasury