Federal PPP loans provide millions locally

Dozens of Norton and Wise County small businesses and non-profit groups have received nearly $11.4 million so far in temporary financial relief from a federal loan program during the COVID-19 pandemic.

The U.S. Small Business Administration Monday released detailed data on loans made through the Paycheck Protection Program.

That nearly $11.4 million only represents loans of up to $150,000.

The program resumed accepting loan applications Monday in response to the president signing legislation that extends it. The deadline to apply is Aug. 8.

Loans can be fully forgiven if the money is used for payroll, mortgage interest, rent and utilities. At least 60 percent must be used for payroll. The interest rate is 1 percent. Payments are deferred for six months.

You can learn more online at sba.gov.

DETAILS

Here is the breakdown of local loan statistics for loans up to $150,000:

NORTON: $3.35 million-plus.

• Seven loans between $100,000 and $150,000.

• Six loans between $80,000 and $89,000.

• Seven loans between $60,000 and $75,000.

• Three loans between $50,000 and $59,000.

• 13 loans between $40,000 and $49,000.

• 10 loans between $30,000 and $39,000.

• 10 loans between $20,000 and $29,100.

• 11 loans between $13,000 and $19,600.

APPALACHIA: $76,200-plus.

• One loan for $44,232; one loan for $32,000.

BIG STONE GAP: $2.24 million

• Five loans between $100,000 and $150,000.

• Five loans between $76,900 and $88,000.

• Six loans between $50,000 and $70,000.

• Six loans between $40,000 and $49,500.

• Six loans between $30,000 and $39,000.

• 12 loans between $20,000 and $29,300.

• Seven loans between $12,000 and $19,000.

COEBURN: Nearly $1.6 million.

• Five loans between $100,000 and $150,000.

• One loan of $98,027.

• One loan of $80,100.

• One loan of $67,900.

• Two loans between $50,000 and $57,800.

• Three loans between $40,000 and $46,000.

• Six loans between $30,600 and $38,700.

• Eight loans between $20,000 and $29,300.

• Eight loans between $13,000 and $19,000.

POUND: $732,000.

• One loan of nearly $96,700.

• One loan of $75,600.

• Two loans between $60,000 and $65,000.

• Two loans between $50,000 and $58,000.

• One loan of $40,700.

• Three loans between $30,000 and $35,000.

• Four loans between $20,000 and $29,000.

• Five loans between $14,000 and $19,500.

ST. PAUL: $586,000.

• Two loans between $125,000 and $150,000.

• One loan of $88,600.

• Three loans between $45,000 and $49,000.

• Three loans between $20,000 and $33,000.

• One loan of $16,200.

WISE: More than $2.81 million.

• Five loans between $100,000 and $150,000.

• Three loans between $80,000 and $92,000.

• Four loans between $70,000 and $79,400.

• Seven loans between $50,000 and $67,500.

• Eight loans between $40,000 and $49,500.

• 13 loans between $30,000 and $39,700.

• Nine loans between $20,000 and $29,800.

• 15 loans between $14,000 and $19,900.