More than $ 4 billion in loans have now reached Mississippi after Congress approved another round of federal business support earlier this year.
As was the case after the first cycle of the Paycheck Protection Program last summer, the state’s main beneficiaries so far have been restaurants, medical and dental offices, law firms. , construction companies, car dealerships, hotels and religious organizations.
In total, more than 79,000 Mississippi businesses have been approved for P3 loans. Borrowers are entitled to full discount as long as they maintain the same level of employment and pay for a period of time and spend most of the loan on their payroll.
Mississippi Today posted information on many companies receiving money last summer, but the Small Business Administration has since released more information on P3 recipients following a lawsuit by the Washington Post. and other outlets. The data released now includes the specific amounts that companies received, as well as the names of places that received smaller loans.
Disbursements to Mississippi businesses ranged from $ 100 to a $ 10 million loan, which went to Staff Pro LLC, an employment agency in Gulfport.
The SBA says the P3 program is designed to help small businesses keep workers on the payroll. In Mississippi, almost all – 96% – of the loans were for payroll. On average, state enterprises received approximately $ 7,000 per employee.
However, this rate varies considerably; J&W Transport LLC, a Jackson-based trucking company, received a loan of over $ 260,000 to pay an employee. Several other companies, pictured below, have received enough loans to pay each employee over six figures. The program caps the remittance of wages at $ 100,000 per employee, more than double the state’s median household income.
For the most part, Mississippi beneficiaries were small sole proprietorships – over 80% reported 10 or fewer employees, and only 1% were part of a franchise. Yet Mississippi franchisees of dozens of major national chains walked away with millions in loans; 28 of Mississippi’s McDonald’s locations, for example, received a total of $ 14.8 million, although the chain is a multinational that made $ 4.7 billion in profits last year.
In fact, the combined franchises of McDonald’s, Sonic, Applebee’s and General Motors have received more loans than any other company in the state without a franchise.
Loan data also includes borrower demographics, although most companies have left these fields blank. Most of those who responded were white and were male, as shown below:
Use the tables below for a complete list of Mississippi PPP recipients, by company and industry.
By business sector:
Disclosure: In 2020, Mississippi Today applied for a Paycheck Protection Program loan, which was approved and disbursed.
Clarification: The story has been edited to clarify that franchisees of national chains have applied for and received PPP loans rather than legal entities of chains.