Long Beach, Mississippi Organizations Receive Between $3.9M and $10.2M in Federal PPP Loans
The Federal Government has provided over $650 billion dollars in low-interest loans to businesses and non-profits as part of the Paycheck Protection Program. The program provides these loans to help businesses keep their workforce employed during the Coronavirus crisis, and may qualify for loan forgiveness.
Mississippi loans totaled 45,814 out of a total 4.89 million loans provided to US states, territories, and the District of Columbia. The loans were divided into 6 groups of varying amounts that ranged from $150,000.00 and less to $5 million - $10 million.
41,924 loans of $150,000 or less
2,354 loans of $150,000 - $350,000
1,108 loans of $350,000 - $1,000,000
292 loans of $1,000,000 - $2,000,000
119 loans of $2,000,000 - $5,000,000
17 loans of $5,000,000 - $10,000,000
Of the budgeted amount set aside for the program, 19 Long Beach, Mississippi organizations have received between $3,900,000 and $10,200,000 PPP dollars, with
7 loans of $350,000 - $1,000,000 loaned to:
Triton Systems of Delaware, LLC
Beach Lumber, LLC
JLB Contractors, LLC
Bay Tech Associates
Drace Construction Corporation
High Tech Inc.
12 loans of $150,000 - $350,000 were loaned to:
Long Beach Auto Auction Inc.
New Horizons of Caolinas, Inc.
New Horizons of Mississippi, Inc.
Southern Linen Services Inc.
St. Vincent Depaul Catholic School
Coast Episcopal Schools, Inc.
EEG Marine, LLC
Murky Waters LLC
S&S Cafe, LLC
All South Electrical, Inc
Bay Motor Winding, Inc.
Coastal Dust Control
The loans must be used to pay for eligible expenses, keep employee numbers, and maintain employee compensation levels, with at least 60% spent on payroll costs. Borrowers may ask for PPP loan forgiveness once all loan proceeds have been used and within 10 months after the last day of the covered period. After this deadline, the loans are no longer deferred and borrowers must begin making loan payments back to their PPP lender.
Statistical information was compiled by Propublica.org from the Small Business Administration and data released by the federal government.