MEMPHIS, Tenn. — Dozens of local companies have received federal loans to help stay afloat during the pandemic — in some cases, companies got millions.
More than half a billion dollars in Payment Protection Program loans have gone out to businesses across the country. The money is to help small businesses keep their workforce employed during the coronavirus crisis.
In some cases, it may not have to be paid back.
The Small Business Administration posted the information on its website this week, and a long list of Memphis businesses are among those getting help.
They include law firms, private schools, health care facilities and even Elvis Presley Enterprises.
Seven Memphis businesses got between $5 million and $10 million.
- Building Plastics Inc.
- CLK Multi Family Management
- Eastpoint Holdings LLC
- Ensafe Inc.
- Mimeo.com Inc.
- MSK Group PC
- Wendelta Inc.
According to the SBA, Elvis Presley Enterprises got between $2 million and $5 million. The exact amounts of the loans were not recorded.
We contacted the company about how the funds were used, but have not heard back.
Among other Memphis businesses the SBA lists as receiving between $2 million and $5 million.
- Royal Furniture on Main Street
- Trezevant Episcopal Home
- Memphis Goodwill on Stage Road
- Freedom Preparatory Academy
Other businesses are reported to have received between $1 million and $2 million, including
- St. Agnes Academy/St. Dominic School
- United Health Services
- Meritan Incorporated
- Harding Academy of Memphis
- LeMoyne-Owen College
- Oak Hall
- Nahon Saharovich and Trotz
- Glanker Brown
Germantown United Methodist Church is also listed as receiving between $2-5 million, but the church said that’s not correct. They say their loan was for $300,000 and was used to make sure their lay staff could keep their jobs.
Smaller loans were also handed out. The SBA says $350,000 to $1 million went to
- Agricenter International
- Amro Music
- ATC Fitness in Bartlett
- Ballet Memphis
- Blues City Cafe
- Charles Vergos’ Rendezvous
- Christ United Methodist Church
Smaller loans under $150,000 were also given, but SBA did not list the business names.
The SBA loans will not have to be paid back if businesses meet the criteria of keeping their employees on staff, and if funds are used for eligible expenses.