The PPP loans were intended to help small businesses survive through the COVID-19 pandemic. We now know that many large and well-known companies have also received millions
NORFOLK, Virginia – More than 250 Hampton Roads companies received at least $ 1 million through the State Paycheck Protection Program: a loan initiative to save an economy devastated by coronavirus-related shutdowns.
New data released by the Small Business Administration shows which local businesses received money to pay for employees and expenses during the job crisis.
At Hampton Roads, 17 companies received between $ 5 million and $ 10 million each.
- Bayview Medical Service, Chesapeake
- Burgerbusters Inc, Virginia Beach
- Clark Nexsen, Virginia Beach
- Colonnas Shipyard, Norfolk
- Divurgent LLC, Virginia Beach
- EVMS Academic Doctors and Surgeons HSF, Norfolk ***
- ICI Service Corporation, Virginia Beach
- LGS Management Group, Virginia Beach
- Lombard Brothers, Norfolk
- MHI Hospitality TRS, Williamsburg
- PBMARES, LLP, Newport News
- Tecnico Corporation, Chesapeake
- Tidewater Physicians Multispecialty Group, Newport News
- Virginia Oncology Associates, Norfolk
- WM Jordan Company, Newport News
- Warwick Plumbing and Heating Company, Newport News
- ZEL Technologies, LLC, Hampton
*** An EVMS spokesperson said the school returned the money after deciding it was not eligible for the program.
About 2,500 other Hampton Roads businesses have received loans of at least $ 150,000. A large majority of PPP beneficiaries received less than $ 150,000, but the SBA has to date declined details on these loans.
At the national level, the federal government supports loans totaling $ 659 billion.
“The question is, is it enough to survive for the economy to pick up?” Said Peter Shaw, professor of business administration at Tidewater Community College.
At Hampton Roads, some of the PPP loan recipients are larger corporations with hundreds of employees, including law firms, medical groups, and construction companies.
“This loan was not intended for large companies that are well capitalized,” Shaw said. “Some of them somehow snuck in, but I can see they are being cleaned up.”
The list of PPP recipients receiving more than $ 1 million includes household names around the 757: Colonna’s Shipyard, the Cavalier Hotel, Taste, Rutter Mills, Clark Nexsen, WM Jordan, PETA, Hilton Virginia Beach Oceanfront, Eggleston Services and many others.
“As long as they meet the SBA definition of small business,” Shaw said. “Although we saw at the national level that some of the big chains got money and they returned the money, the federal government put them in a different pot of money elsewhere. ”
The one percent interest loans are fully repayable when used for payroll, rent, and other expenses.
Visit sba.gov for more information.
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