Last year the Payroll Protection Program (PPP) helped a large number of local organizations stay viable during the pandemic. The Small Business Administration (SBA) previously released the data on who received loans over $150,000 but not on the ones that received an amount under that threshold. Recently the SBA released the data on which companies received loans less than $150,000. Included in the data is how many jobs were affected, how much of the loan proceeds were used for payroll and which banks helped facilitate the loans.
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For the loans over $150,000 approximately 70,000 jobs were affected. Loans totaled over half a billion dollars for Richmond, Columbia, Aiken, and Edgefield Counties. Most of the loans proceeds were used for payroll expenditures.
Loans under $150,000 resulted in approximately another $164 million which affected roughly another 29,000 jobs.
Combined it looks like the PPP affected roughly 100,000 jobs and approximately $650 million in stimulus for just those 4 counties.
The Augusta Press is combing the rest of the data and will provide that data later this week.
Opportunity is still knocking. The IRS extended the deadline for investing in qualified opportunity zones. Now the deadline has been pushed to March 31 2021. The move is important as it should further stimulate growth in underserved areas while allowing investors to defer taxable gains from other property sales. Large portion of the CSRA are inside qualified opportunity zones.
The future of Belk Department Stores is looking more promising. We reported a few weeks ago about their bankruptcy; however it now appears that the Chapter 11 filing will move very quickly with a restructuring plan. It appears they have new debt and equity lined up and no local stores should be affected.
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It is always great to see local business growth. This week we saw local marketing firm Alison South grow as they acquired a firm in Charlotte, N.C. earlier this month. This will be their fourth location. The CSRA based firm focuses on branding, events, media buying, social media planning, web design and video production.
We mentioned in previous weeks some news was coming for Thomson, Ga. We can now report that Thomson has a new restaurant that will be opening soon. The former Pizza Hut just off I:20 has been leased to “Tasty Wings and Seafood” out of Columbia SC. This is the second of several recently vacated Pizza Hut location to fill up in the CSRA.
If you go to Thomson to get some Tasty Wings and Seafood you will also be able to visit The Salvation Army’s new location. The Salvation Army is moving forward with plans to open a location no Harrison Road in the shopping center adjacent to Wal-Mart.
Joe Edge is the Publisher for The Augusta Press. Reach him at joe.edge@theaugustapress.com
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