Mississippi law firms, electric cooperatives and even some non-profits received more than $3.165 billion in loans under the federal Paycheck Protection Program designed to preserve jobs in the wake of the COVID-19 pandemic.
Butler Snow was one of the 16 businesses statewide that received the biggest loans that ranged from $5 million to $10 million.
The others included:
- F.L Crane and Sons, a Fulton-based construction company.
- Franklin Corporation, a furniture maker based in Houston.
- Gastrointestinal Associates in Flowood.
- The Hol-Mac Corporation in Bay Springs, which manufactures steel fabrications, cylinders and tanks.
- Jindal Tubular USA, a pipe manufacturer in Bay St. Louis.
- Fulton-based Max Home, a furniture maker.
- Mid River Restaurants in Natchez.
- Pilgrim Construction Company in Heidelberg.
- Flowood’s Puckett Machinery Company.
- Southern Electric Corporation of Flowood.
- Southern Tire Mart in Columbia.
- Staff Pro from Gulfport, which provides staffing services for the hospitality industry.
- Greenville’s Retzer Group, which is the largest McDonald’s franchisee owner in the U.S.
- Wise Staffing Services from Tupelo.
In total, there were 45,817 loans issued to firms in the state, with 3,889 for more than $150,000. There were 119 loans issued in the $2 million to $5 million bracket, while 292 were in the $1 million to $2 million range.
The loans become forgivable as long as certain criteria are met, such as retaining jobs along with salary levels. The money can only be spent on eligible expenses.The PPP was part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was passed in March by Congress
Eighteen of the state’s 26 non-profit electric power associations also received loans under the program.
One of the non-profits receiving a loan under the program was the Delta Health Alliance, a 501 (c)(3) non-profit based in Stoneville. The organization received a loan between $2 million and $5 million to preserve 334 jobs.
The DHA has received $14.7 million in state taxpayer funds for various projects since 2015. In 2018 and 2017, the majority of the nonprofit’s funds came from government grants, primarily from federal funds.
Another was the Family Resource Center of North Mississippi, which received a loan between $1 million and $2 million. In 20 organization also was allocated money from the Temporary Aid to Needy Families program under the Families First initiative that involved $94 million in misspending and is under investigation by state and federal officials.
Eleven golf courses, including Reunion in Madison and the Country Club of Jackson, received loans.
There have been 4.9 million of the loans made nationwide, with the average size being about $100,000. The total amount of loans issued under the program adds up to more than $521 billion and $131.9 billion remains available for lending to businesses.
The U.S. Department of the Treasury released the full information, including names and addresses, on loans of more than $150,000 while omitting the names on the other list of recipients who received $150,000 or less.
Emmerich Newspapers received a loan from the PPP program.
A complete list of PPP recipients who received more than $150,000 can be found here.