More than 6,100 companies Postal codes fully or partially contained in Henrico County have received loans from the payroll protection program backed by the US Small Business Administration, according to long-awaited data released Monday by the SBA.
The loans ranged from over $ 5 million (made to nine Henrico companies) to $ 125 (made to a company in ZIP code 23230 in the Near West End).
Determining the exact number of Henrico businesses that have received a PPP loan – designed under the federal CARES law to help businesses pay their employees, rent, and utility bills – is impossible, because eight of the top 15 Henrico’s zip codes overlap with Richmond, Hanover or Goochland and because the SBA did not provide the names or addresses of businesses with loans under $ 150,000. (Several other Henrico postcodes exist only for PO boxes, and Richmond International Airport at Sandston also has its own postcode.)
Using the available data and applying the known locality ratios of each split zip code to the SBA data, the Citizen estimates that approximately 4,600 or more Henrico companies have received PPP loans.
The 9 Henrico companies that received the largest PPP loans – between $ 5 million and $ 10 million, according to the data – were:
• Atlantic Coast Dining, Inc., based in Glen Allen (which operates a number of TGI Friday’s restaurants in Virginia);
• Morton G. Thalhimer, Inc. of Glen Allen (a commercial real estate company);
• Based in Glen Allen Snagajob.com, Inc. (which operates a website for part-time jobs);
• Winebow, Inc., based in Glen Allen (which imports and distributes wines worldwide);
• WACO, Inc., based in Sandston (a general contractor with eight sites in Virginia, one in Maryland and one in North Carolina);
• Draper-Aden Associates (an engineering firm based in Northern Henrico);
• Fire & Life Safety America (a West End fire protection company);
• NGCCare, Inc. (a consulting group based in the Near West End);
• OrthoVirginia (an orthopedics company based in the West End).
Each of these companies, according to the data, used the money in part to save 250 or more jobs each.
There was a lot of speculation nationwide that many of the small businesses the PPP was apparently intended for may not have received the loans they absolutely needed to weather the COVID-19 storm.
But the data for the Henrico postal codes seems to indicate that the majority of loan recipients were small businesses. The data provides a column titled ‘Jobs Retained’ for each business and shows that about 62% of the 6,162 businesses in Henrico postcodes – just under 3,850 in total – used the loans to pay between 1 and 30 employees each. .
However, it was not clear whether these numbers reflected the actual jobs saved or just the number of jobs at each company that the loans were based on.
Only 107 of the beneficiaries kept 100 or more jobs each, according to the data.
On the other hand, the “Jobs Retained” column did not report any numbers or zero for nearly a third of the businesses in those Henrico postcodes that received PPP loans.
There are obvious errors in the data, which the citizen has examined in depth but not exhaustively; for example, a company in the Henrico zip code of 23229 received a loan of $ 20,800, which would have saved 500 jobs.
Among the recipients of the Henrico postal codes were 302 non-profit organizations.
Businesses in ZIP code 23230 (which roughly includes the West Broad Street corridor from Willow Lawn east to Richmond) received 826 P3 loans – by far the most of all Henrico postal codes. Next come the Glen Allen 23060 ZIP (638 companies) and the Far West End ZIP of 23233 (579).
Only 43 businesses in Highland Springs ZIP code 23075 have received P3 loans, the least of all Henrico ZIPs.
Statewide, more than 16,100 businesses have received loans over $ 150,000, according to SBA data.
The SBA guaranteed the loans, which are repayable if companies use at least 60 percent of payroll and the rest for rent or utility payments. Banks and other lenders administered the loans.
Among the companies in the Henrico postal codes that received PPP loans, Atlantic Union Bank was the main lender, making nearly 1,200 loans. It was followed by Truist Bank (766 loans), Wells Fargo Bank (542), Bank of America (506) and Village Bank (399).
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Disclosure: Henrico Citizen’s parent company, T3 Media, LLC, received a PPP loan of less than $ 8,000.