'Just incredible': Central Georgia businesses positively impacted by federal Paycheck Protection Program loans
8,455 Central Georgia businesses received loans. The program put between $516 million to $902 million into the region.
'We would have been really close to shutting our doors'
In April, Congress created the Paycheck Protection Program as part of the CARES Act to help America cope with the effects of COVID-19. The program provided up to $659 billion to the Small Business Administration.
That infusion of cash was loaned out to businesses to cover their payroll and help them survive.
The program ended on August 8, but it's still having an impact.
Ashlyn Webb took a closer look at how Central Georgia businesses were affected.
Outside Satterfield's in Macon, people wait for a bite of their tasty barbecue. Meanwhile, back in the kitchen, workers slice up fresh brisket and toast buns, preparing food and getting it out the door.
Owner Ben Hampton says all of this is possible because of a loan from the federal Paycheck Protection Program.
"We would have been really close to shutting our doors had it not been for or had to let everyone go, either close us down or let go of a lot of staff that depend on this for their families," Hampton said.
Satterfield's opened their dine-in restaurant in early February. Before then, they focused on catering.
"We were already trying to get on our feet as a business, and once this came around, catering went to zero overnight and lunch business cut to less than half," Hampton said.
The Small Business Administration says Satterfield's is one of 8,455 Central Georgia businesses that received loans.
The program put between $516 million to $902 million into the region.
Three of those got between $5 million and $10 million apiece from the federal government.
They are:
- KaMin, a kaolin exporting company in Macon. Federal records say the loan would save KaMin 30 jobs.
- A Perry company, Florida Concrete Services. They listed 465 jobs.
- In Sandersville, Howard Sheppard, a kaolin trucking company.
According to the federal records, Howard Sheppard Incorporated did not list how many jobs would be affected.
We reached out to all three companies to ask how the loan program helped them. Florida Concrete Services and Howard Sheppard Incorporated said they did not wish to comment. KaMin did not respond.
How was the money distributed?
So how did the feds distribute the money? Terri Denison, Georgia District Director of the Small Business Administration, says it was based on monthly payroll.
"The basic formula for calculating the maximum PPP loan would be to take your average payroll cost and multiply that by 2.5, and that gives the base figure for the max amount that that loan could be," Denison said.
Hampton says Satterfield's got a little over $20,000 from the program.
"It went to straight payroll. It went to paying our employees their salaries," Hampton said.
Denison says since the loan program is now over, now she enjoys hearing the success stories.
"Being able to still help support them. It's just incredible," Denison said.
One of the success stories comes from over at Satterfield's. "We're going to keep making food from scratch and smoke meat daily," Hampton said.
Businesses who received loans through the Paycheck Protection Program may be eligible for loan forgiveness if the funds were used for eligible payroll costs, payments on business mortgage interest payments, rent, or utilities.
All Central Georgia companies who received PPP loans of $150,000 or more are listed below: