Rapp businesses receive $4.7 million under federal Paycheck Protection Program
Inn at Little Washington largest recipient to retain 167 jobs
Roughly 80 Rappahannock businesses and nonprofit organizations have received at least $4.7 million in loans under the federal Paycheck Protection Program (PPP).
The largest recipient was the Inn at Little Washington, which received a loan between $1 and $2 million to retain 167 jobs.
The PPP is a loan program enacted by Congress last March to support businesses and their employees during the national economic downturn caused by COVID-19. The loans are set at a one percent interest rate but can be forgiven if businesses, towns, or nonprofits meet certain employee retention requirements and the funds are used for eligible expenses. The loans can be used to cover up to eight weeks of payroll costs, including benefits.
Earlier this month, the U.S. Small Business Administration (SBA) released PPP data in two categories, but exact amounts received cannot be determined due to limits on the data released. The first category lists entities that received at least $150,000, but only gives a range of their loan amount. For businesses or nonprofits receiving loans under $150,000, amounts were reported for jobs retained by Zip Code but without the names and addresses of the businesses.
An analysis of the SBA data shows that a total of 79 Rappahannock County businesses, including three nonprofits, received at least $4,715,000 in loans. The number of jobs retained was reported at 666. The exact location of the jobs retained might be outside of the company’s headquarters location, however.
The Town of Washington was the biggest recipient with at least $2,119,027 in loans and 334 jobs retained. Sperryville followed with $973,846 in loans and 121 jobs retained. Huntly received $561,916 with 76 jobs retained. Castleton businesses received $507,950 with 40 jobs retained followed by Flint Hill businesses with $491,767 and 86 jobs retained. Woodville received $23,401 retaining five jobs and Chester Gap received $37,169 and retained four jobs.
TOP LOAN RECIPIENTS — OVER $150,000
Nine businesses or 11 percent of those receiving loans were listed in the over $150,000 category.
In addition to the Inn at little Washington, the county’s largest private employer, these eight other businesses received loans between $150,000 and $350,000:
• In Washington: Jones and Viator and Rappahannock Media, each retaining 26 jobs, Zandur Innovative Flooring retaining eight jobs.
• In Huntly: Wakefield Country Day School retained 36 jobs, Rappahannock Cellars retained 17 jobs, Sharp Contracting retained 16 jobs.
• In Castleton: Maximum Technologies retained eight jobs.
• In Sperryville: Belle Meade Montessori School retained five jobs.
LOANS UNDER $150,000
Seventy Rappahannock businesses (including three nonprofits) received loans under $150,000 totaling 2,515,076. In this category the average loan amount was $36,000 with 356 jobs retained at an average cost of just over $7,000 per job.
These six recipients received over $100,000:
Two in Flint Hill with one receiving $126,212 and the other $111,125 with each retaining 20 jobs.
Two in Sperryville with one receiving $112,900 retaining 21 jobs and the other receiving $102,342 and retaining 10 jobs.
A nonprofit in Washington received $121,135, retaining 19 jobs.
A business in Castleton received $112,165, retaining 10 jobs.
The application period for PPP was recently extended until August 8. Those eligible for loans include small businesses as defined by the SBA, sole proprietors, independent contractors, self- employed persons, and nonprofit organizations.
For additional information on the PPP program visit the SBA website at www.sba.gov.
Oak View National Bank in Washington underwrote many of the PPP loans in the county. Bank Vice President Jason Brady said he did not expect many new applications in the near future.
“Most everybody who needed a loan has already applied,” he said. “COVID-19 isn’t going away anytime soon and I wouldn’t be surprised to see another round of loans or other assistance for small businesses in the near term. I just don’t see the federal government leaving everyone out there with only a single opportunity to get assistance.”
An analysis of the SBA data shows that a total of 79 Rappahannock County businesses, including three nonprofits, received at least $4,715,000 in loans and retained 666 jobs.