Lenoir County businesses approved for more than $98M in PPP loans

Lenoir County businesses have been approved for 98,074,667 in loans from the Paycheck Protection Program, the federal Small Business Association-backed program designed to help businesses keep their workforce employed during the COVID-19 crisis.

More:PPP Loans: Search to see who received Paycheck Protection Program loans

The PPP loan data reflects only the information borrowers provided to their lenders, which includes the number of jobs retained.

According to information recently released by the SBA, Lenoir County businesses have currently received 1,461 loans totaling $96,960,305 which 4,935,592 of that balance remains to be disbursed. 

More:Private school, health center, dental practice among top PPP recipients in Lenoir County

Eleven Lenoir businesses were approved for loan amounts exceeding $1 million, eleven between $500,001 and $1,000,000 and 59 loans between $150,001 and $500,000.

The majority of the loans (579) were between $10,001 and $25,000.

A total of 391 loans were for less than $10,000. 

PPP  background Info

The Paycheck Protection Program originated from the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a $350-billion program intended to provide American small businesses with eight weeks of cash-flow assistance. The program was then expanded by the Paycheck Protection Program and Health Care Enhancement Act in late April 2020, which added an additional $310 billion in funding and allowed businesses more time to spend the funds.