Georgia Businesses Received $14.5 Billion In Paycheck Protection Program Loans
More than 156,000 Georgia businesses received a loan from the federal government as part of coronavirus relief, according to new data released from the Small Business Administration.
The Paycheck Protection Program is designed to "help businesses keep their workforce employed during the COVID-19 crisis," the SBA says on its website, and companies across every sector and every corner of the state received more than $14.5 billion in recent months.
Data released show 1.5 million jobs were saved by the loans, covering 86% of the state's estimated small business payroll. That includes a $1 million to $2 million loan that helped 103 jobs at Athens-based Creature Comforts Brewery, a $2 million to $5 million loan aiding 404 jobs at the Bacon County Hospital in Alma and 74 jobs retained because of a $350,000 to $1 million loan to Prince Chevrolet of Tifton.
Other recognizable businesses make the list, highlighting the broad impact the pandemic has wrought upon the state's economy.
Zoo Atlanta received $2 million to $5 million and retained 278 jobs. Atlanta strip club Magic City said their loan between $350,000 to $1 million helped 170 jobs, and the Old Savannah Tours company used a $350,000 to $1 million loan to help keep 165 jobs.
From Abbeville to Zebulon, companies around the state have used this federal funding to stay afloat while the economy has faltered and spending has slowed.
The data includes everything from private colleges and high schools to Waffle House franchises and law firms, and in the coming weeks GPB News and the Georgia News Lab will take a look at these recipients, talk to business owners and find out how the money has made a difference in the lives of employees.