Several Triad businesses, including K&W Cafeteria Inc. and The Budd Group, have obtained loans worth at least $5 million from the federal Paycheck Protection Program.
The U.S. Treasury and Small Business Administration released Monday limited details for borrowers of at least $150,000.
Eligible for PPP loans are companies with up to 500 employees, as well as independent contractors or the self-employed.
The agencies listed the borrowers in the following categories: $150,000 to $350,000; $350,000 to $1 million; $1 million to $2 million; $2 million to $5 million; and $5 million to $10 million.
The listings also included the number of jobs projected to be preserved.
The other Forsyth businesses gaining a PPP loan worth at least $5 million were Alphabest Education of Lewisville, Winston-Salem foreclosure law firm Brock & Scott PLLC and IFB Solutions, doing business as Winston-Salem Industries for the Blind.
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The Budd Group and K&W each cited preserving 500 jobs, along with 392 with Brock & Scott and 125 with Alphabest. IFB did not provide a list of jobs.
Small businesses can apply for low-interest loans for up to 2½ times their average monthly payroll.
The loans will be fully or partially forgiven if businesses show that at least 75% of the money was used to retain or rehire employees, and the rest to pay certain expenses, through June 30.
Altogether, there were 22 Triad and Northwest N.C. businesses securing at least $5 million in PPP loans.
Other notable Triad companies include: RCR Enterprises (Richard Childress Racing) of Welcome (334 jobs); FurnitureLand South of Jamestown (490); Mickey Truck Bodies of High Point (474); Vannoy & Sons Construction Co. of Jefferson (330); Shelba D. Johnson Trucking Co. of Thomasville (no jobs listed); Key Resources of Greensboro (500); and Hilco Transport of Greensboro (492).
Notable Forsyth businesses with loans between $2 million and $5 million are: Pine Hall Brick Co. (no jobs listed); Moravian Home, parent company of Salemtowne (352); Landmark Builders (171); Kaplan Early Learning (265); Frank L. Blum Construction Co. (no jobs listed); Flow Automotive Center of Winston-Salem (190); The Village Tavern (500); Salem Academy and College (345) and Modern Imports LLC (248).
JPMorgan Chase & Co. ranked first in loan amount provided at $29.1 billion for 269,424 loans. Bank of America Corp. was second at $25.2 million for 334,761 loans.
Truist Financial Corp., often doing business as legacy BB&T Corp. and legacy SunTrust Banks Inc., was third at $13.07 billion and 78,669 loans. Rounding out the top five were PNC Financial Services Group at $13.04 billion and 72,908 loans, and Wells Fargo & Co. at $10.47 billion and 185,598 loans.
The Federal Reserve has imposed a $1.93 limit on Wells Fargo's total assets in response to the fraudulent customer-account scandal that surfaced in September 2016.
Wells Fargo said April 6 that the assets cap has led it to focus on lending to nonprofits and small businesses with fewer than 50 employees.
On April 8, the Fed said it had agreed to “temporarily and narrowly modify the growth restriction on Wells Fargo so that it can provide additional support to small businesses.”
However, those proceeds are required to be transferred to the U.S. Treasury or to nonprofit organizations approved by the Fed that support small businesses.
North Carolina ranked 13th in total loan amount at $12.4 billion, while ranked 10th in total loans at 121,917.
North Carolina is the country’s ninth largest state at 10.61 million residents and is poised to surpass Georgia.
As of June 30, the SBA said 4.88 million loans had been made nationwide with a combined value of $521.48 billion.
About 65.2% of all PPP loans nationwide were for less than $1 million, while 14.1% for between $1 million and $2 million, 14.2% between $2 million and $5 million, and 6.5% greater than $5 million.
There remains $131.91 billion in PPP loans available.