These 16 Va. companies received $10M PPP loans
SBA releases comprehensive list of PPP loan recipents, amounts
The U.S. Small Business Administration on Tuesday released additional information about all approved borrowers from its $659 billion Paycheck Protection Program (PPP) small business relief program, this time including exact company names, loan amounts, addresses and other information.
Previously, the government in early July had released an incomplete list of recipients, including only ranges of funding, not specific amounts. Approximately 113,000 small businesses received funding in Virginia (including Virginia Business Media LLC) from the federal relief program intended to assist small businesses meet payroll costs and make mortgage interest, rent and/or utilities payments due to the economic crisis caused by the COVID-19 pandemic.
The maximum loan amount allowed under the program was $10 million, and approximately 5.2 million loans were approved through the program, according to SBA data.
Of the top 25 Virginia PPP recipients, more than half received the maximum amount.
The top 25 Virginia PPP recipients include (company name, locality, lender, loan amount):
- Delta Star Inc., Lynchburg, JPMorgan Chase Bank, $10 million
- Airline Tariff Publishing Co., Sterling, PNC Bank, $10 million
- Digital Intelligence Systems LLC, McLean, First Commonwealth Bank, $10 million
- Colonna’s Shipyard Inc., Norfolk, TowneBank, $10 million
- Ncgcare Inc., Richmond, Atlantic Union Bank, $10 million
- Tidewater Physicians Multispecialty Group PC, Newport News, TowneBank, $10 million
- Potomac Family Dining Group Operating Co. LLC, Herndon, City National Bank of Florida, $10 million
- Calibre Systems Inc., Alexandria, Atlantic Union Bank, $10 million
- Woodfin Heating Inc., Richmond, TowneBank, $10 million
- OrthoVirginia Inc., Richmond, Wells Fargo Bank, $10 million
- The Medical Team Inc., Reston, Sonabank, $10 million
- Burgerbusters Inc., Virginia Beach, BBVA USA, $10 million
- Loudoun Medical Group PC, Leesburg, PNC Bank, $10 million
- Tecnico Corp., Chesapeake, Truist Bank, $10 million
- Timmons Group Inc., Richmond, TowneBank, $10 million
- Fire & Life Safety America Inc., Henrico County, First Commonwealth Bank, $10 million
- Williams, Mullen, Clark and Dobbins PC (Williams Mullen), Richmond, Truist Bank, $9.95 million
- Wo Grubb Steel Erection Inc., Chesterfield County, Truist Bank, $9.75 million
- Airlines Reporting Corp., Arlington, U.S. Bank, $9.44 million
- Mhi Hospitality Trs LLC, Williamsburg, Fifth Third Bank, $9.43 million
- Winebow Inc., Glen Allen, Bank of America, $8.9 million
- Five Guys Enterprises LLC, Lorton, Regions Bank, $8.57 million
- Rappahannock Electric Cooperative, Fredericksburg, CoBank ACB, $8.48 million
- Maryland and Virginia Milk Producers Cooperative Association, Reston, AgChoice ACA, $8.39 million
- American Diabetes Association Inc., Arlington, Manufacturers and Traders Trust Co., $8.32 million
Several news organizations, including The Washington Post, Bloomberg LP, Dow Jones & Co. Inc., Pro Publica Inc. and The New York Times Co., sued the SBA in mid-May for the release of data regarding small businesses that had received funding.
Small businesses that received the forgivable PPP loans are allowed to use the funds to meet payroll costs and make mortgage interest, rent and/or utilities payments. Loans can be fully forgiven if 75% of the funds are used for payroll costs, according to the SBA. The other 25% can be used to make mortgage, rent or utilities payments. The program closed in August.
Before the second round of the funding was announced on April 24, large, publicly traded companies such as Shake Shack, Ruth’s Chris Steak House and AutoNation as well as large private enterprises like the Los Angeles Lakers returned tens of millions of dollars in relief funds after they came under fire for applying for PPP funding through smaller subsidiaries in order to receive money that was intended to go to small businesses. The latest data released, however, still shows that more than half of the funding went to just 5% of recipients and national chains received the maximum funding amount, according to a Washington Post analysis of PPP data.
Loan recipients must apply for forgiveness through their PPP lender, compile data including payroll and non-payroll costs and submit all information to the lender, according to the SBA. Businesses that had loans of $50,000 or less can fill out a more streamlined application, the SBA announced in early October.
“We are committed to making the PPP forgiveness process as simple as possible while also protecting against fraud and misuse of funds,” Treasury Secretary Steven T. Mnuchin said in an Oct. 8 statement. “We continue to favor additional legislation to further simplify the forgiveness process.”
Deputy Editor Rich Griset contributed to this report.