Nearly 400 Myrtle Beach businesses receive $150K - $10M in PPP loans

Nearly 400 Myrtle Beach businesses receive $150K - $10M in PPP loans
Businesses react to the PPP program coming to an end as COVID-19 challenges continue (Source: Emily Wakeman)

MYRTLE BEACH, S.C. (WMBF) – The Small Business Administration released detailed lists on Monday showing which businesses received loans under the Paycheck Protection Program (PPP).

The PPP came from the $2 trillion CARES Act to help businesses who faced economic challenges during the coronavirus pandemic. The money could be used to help keep employees on the payroll and also pay interest on mortgages, rent and utilities. The SBA will forgive loans if all employee retention criteria is met and the funds are used for eligible expenses.

“The PPP is providing much-needed relief to millions of American small businesses, supporting more than 51 million jobs and over 80 percent of all small business employees, who are the drivers of economic growth in our country,” said Treasury Secretary Steven T. Mnuchin.

The SBA released two lists. One showed businesses that received $150,000 or more and the other showed where loans of $150,000 or below went. The $150,000 or more list shows the names of the businesses that received the loan while business names were not released in the second list. The lists also show how many jobs were retained due to the loan.

WMBF News found that 390 businesses in Myrtle Beach received loans between $150,000 and $10 million. There were a lot of restaurants, hotels and medical offices that received loans.

Capital Vacations, a resort management and vacation sales company in Myrtle Beach, received between $5 million and $10 million which helped retain 500 employees during the pandemic.

Burroughs and Chapin received between $2 million and $5 million which helped the company retain 202 employees.

WMBF News saw a number of other well-known businesses on the list such as Lakewood Camping Resort, Myrtle Beach Pelicans and Gay Dolphin.

On the second list, there were 2,792 Myrtle Beach businesses that received loans that were $150,000 or less. The names of the businesses were not provided on that list.

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