Nearly 300 Cumming businesses take out $ 150,000 or more in emergency loans

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Nearly 300 Cumming companies have borrowed more than $ 150,000 in emergency loans through the Paycheck Protection Program, according to information released by the US Small Business Administration earlier this week.

The SBA and the US Treasury Department on Monday, July 6 released information on PPP loans taken out, including the names of companies that received between $ 150,000 and $ 10 million, amid calls for more transparency regarding the loans. $ 2 trillion in funds established by Coronavirus Aid Relief and Economic Security Act signed by President Donald Trump in March.

The SBA created the PPP to lend money to small businesses feeling the financial impacts of the pandemic to help them keep their workforce employed. For businesses that meet certain criteria, including retaining their employees, the SBA will give them a loan forgiveness, which means they won’t have to repay the loan. These loans are granted by private banks and financial institutions.

According to published information, nearly 3,000 Cumming businesses have taken advantage of the emergency loan program, of which 273 have borrowed $ 150,000 or more. Businesses taking on these larger loans include construction and restoration companies, medical offices, veterinary hospitals, churches, and other non-profit organizations, as well as private schools.

The only beneficiary listed in Cumming’s $ 5 million to $ 10 million loan range is Premier Healthcare Professionals, Inc., a healthcare staffing company.


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