As much as $19.8 million reportedly loaned to 220 Hampton County businesses, helping retain up to 1,706 jobs.
Recently released data reveals that federal pandemic aid may have saved hundreds of jobs in Hampton County in businesses of all types, large and small.
According to data recently released by the U.S. Small Business Administration (SBA) and the U.S. Treasury Department, Payroll Protection Program loans from the federal government may have saved hundreds of Hampton County jobs during the previous waves of the COVID-19 pandemic.
According to the SBA, a total of 220 emergency pandemic loans were distributed to businesses and individuals registered in Hampton County, S.C., leading to a reported 1,706 jobs being retained. Based on the data, between $11,187,418 and $19,887,418 have been loaned through the PPP to businesses registered in Hampton County.
Some of those loans really made a huge difference for local businesses that were struggling and hit hard by both COVID-19 impacts and other circumstances, such as Brunson Laundry, which had its industrial campus destroyed in a major fire just prior to the pandemic.
Russ Bullard, co-owner of Bullard & Son, which operates Brunson Laundry, said that the fire insurance did not cover all of the damages and rebuilding costs, nor did it keep a paycheck coming to employees.
“This program most definitely saved jobs,” said Bullard. “After the fire, and the capital we had to put up for the rebuild, then the pandemic happened. Basically, thanks to the PPP loan we were able to keep everyone on. It was most definitely a bonus.”
Certain industries were naturally hit harder than others, such as the food service industry and construction industry.
“We did receive a PPP loan for the construction company and it was a big help to us during a difficult time,” said Gregg Brunson, Vice President of Brunson Construction. “The PPP loan allowed us to keep all of our employees on the payroll even when we had several construction projects either halted or postponed due to the pandemic. On more than one occasion, we had to shut projects down when either one of our people or a subcontractor tested positive. Thankfully, the PPP loan allowed us to keep the paychecks coming for all or our employees.”
Local banks were responsible for administering these loans around the country.
“Also, I would like to publicly thank everyone at Palmetto State Bank that helped us through the PPP Loan process,” Brunson added. “As you can imagine, the government did not make it very easy to apply, and I know several of the folks at Palmetto State Bank worked long hours and weekends to make sure everyone’s application was properly filled out and submitted on time. Their team was very helpful throughout the entire process.”
During the pandemic, local criminal and civil courts were shut down, which impacted law firms like Peters, Murdaugh, Parker, Eltzroth & Detrick PA in Hampton.
“PMPED, like many other local businesses, is grateful to have been approved for the loan which helped ensure the stability of our business during very uncertain times,” attorney William Barnes, PMPED spokesperson. “Thankfully, we did not have to lay anyone off and allowed many employees to work from home during those difficult times.”
The $660 billion PPP package was included in Congress’ $2 trillion CARES Act, a sweeping economic relief package passed in March 2020. The PPP allowed entities to apply for low-interest private loans to pay for their payroll and certain other costs, such as business mortgage, rent, lease or utility payments. Businesses applying had to certify that the loans were “necessary to support ongoing operations,” but a large percentage of these loans were eligible for loan forgiveness.
The PPP Directory lists all loans in the area but highlights the largest loans. A total of 16 businesses or organizations in Hampton County were approved for loans in excess of $150,000.
The largest recipient listed was Hampton Regional Medical Center in Varnville, which was approved for a loan range of $2-5 million on April 7, 2020, that potentially retained 182 jobs. The actual loan amount may have varied from this reported range. HRMC did not respond for comment by press time.
A total of six county businesses were approved for loans in the $350,000-$1 million range, but the actual loan amount may vary from this range. They include:
– A loan for Alpha Genesis Inc, a research and development firm in Yemassee, was approved on April 10, 2020, which helped retain 134 jobs.
– A loan for Brunson Construction, Inc., a commercial and residential builder in Hampton, was approved on April 5, 2020, which helped retain 31 jobs.
– A loan for Nupi Americas, Inc., a plastics pipe and pipe fitting manufacturer in Early Branch, was approved on April 27, 2020, which helped retain 46 jobs.
– A loan for Oakwood Products, Inc., a chemical compound manufacturer in Estill, was approved on April 7, 2020, which helped retain 32 jobs.
– A loan for Peters, Murdaugh, Parker, Eltzroth & Detrick PA, a law firm in Hampton, was approved on April 5, 2020, and helped retain 68 jobs.
– A loan for Seckinger Forest Projects, a specialized freight company in Luray, was approved on April 5, 2020, which helped retain 34 jobs.
A total of nine county businesses were approved for loans in the $150,000 to $350,000 range, but the actual loan amount may vary from this range. They include:
– A loan for Bullard & Son, Inc., a dry cleaning and laundry service in Brunson, was approved on April 5, 2020, which helped retain 49 jobs. (Bullard stated that their actual loan was $252,000.)
– A loan for Coastal Air Technologies, Inc., a plumbing, heating and air conditioning service in Hampton, was approved on April 5, 2020, which helped retain 34 jobs.
– A loan for Coastal Plains Physicians Associates, an office of physicians in Varnville, was approved on April 7, 2020, which helped retain 13 jobs.
– A loan for Coastal Technologies, Inc., in Varnville, was approved on May 15, 2020. The number of jobs retained was not listed.
– A loan for Dr. Tire, Inc., an automotive repair business in Estill, was approved on April 30, 2020. The number of jobs retained was not listed.
– A loan for Low Country Family Services, Inc., a home health care service in Varnville, was approved on April 15, 2020, which helped retain 75 jobs.
– A loan for Morning Star Home Care Services LLC, a home health care service in Varnville, was approved on April 30, 2020, which helped retain 45 jobs.
– A loan for Patrick Henry Academy, Inc., a K-12 private school near Estill, was approved on April 6, 2020, which helped retain 32 jobs.
– A loan for Southern Metal Works, Inc., an automotive/mechanical business in Varnville, was approved on April 7, 2020, which helped retain 17 jobs.
To date, 1.1 million PPP loans nationwide have been forgiven, totaling more than $100 billion, according to the SBA. Loans could qualify for forgiveness if the borrower could certify that employee and compensation levels were maintained, the loans were spent on payroll and other eligible expenses, and at least 60 percent of the proceeds were spent on payroll costs.
In addition to motels, restaurants and hair salons that were notably impacted by the pandemic, with shutdowns and furloughed employees, the list of local recipients also contains a wide variety of other businesses. The list includes convenience stores, supermarkets, pharmacies, funeral homes, farmers, insurance and real estate agents, several churches, chiropractors, and beer/wine/liquor stores.
Several loans were interesting in many ways. There were dozens of home-based businesses receiving loans, including many beauty/hair/nail services and a beard supply store. Several local people borrowed money for more than one business.
The list of Hampton County loans included a marketing/consulting service, a courier/express delivery service, a taxi service, an electronic shopping/mail order business, a motion picture and video production company — all registered in Varnville.
The list included a scientific and technical service, burial casket manufacturer, sporting and recreational goods wholesaler, two jewelry stores, a “financial clearinghouse” and a “deep sea freight transportation” business — all registered in Estill.
The list also included a human resources consulting service, a pet and pet supply store, an adult residential care facility, three taxi services, an art dealer, a book store, and a commercial printer — all registered in Hampton.
The Hampton County Guardian is not publishing the exact loan amounts reported by the SBA because businesses in other counties and cities have disputed the accuracy of some of the loan amounts. The data is also incomplete in some areas because many businesses did not report the number of jobs retained.
However, you can read the full list of Hampton County businesses who were awarded PPP loans, and the loan amounts reported, here.
More:https://data.augustachronicle.com/paycheck-protection-program-loans/?state=South+Carolina&
To date, 63,172 loans were approved for businesses in South Carolina, totaling between $4.5 and $8.1 billion and retaining up to 658,121.
The PPP ended on May 31, 2021. Existing borrowers may be eligible for loan forgiveness. Loans may be partially or fully forgiven if the business keeps its employee counts and employee wages stable.
Some economists have argued that the PPP did not save as many jobs as reported and in many instances aided businesses that were not at risk of going under.
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