CHARLESTON, WV (WOWK) – More than 25,000 West Virginia businesses filed for and received, federal assistance during the COVID-19 pandemic according to numbers released Monday by the U.S. Small Business Administration (SBA) and the U.S. Treasury Department.
The assistance came from the Paycheck Protection Program (PPP) and is just part of the 4.9 million PPP loans made to businesses and non-profits.
The release shows that 25,177 companies and non-profits received PPP loans of up to $150,000 to cover the payroll expenses necessary to keep their employees working during the pandemic.
In releasing the numbers SBA Administrator Jovita Carranza noted “The PPP is an indisputable success for small businesses, especially to communities in which these employers serve as the main job creators.”
The detailed information does not include business names, addresses, or specific loan amounts. It does provide the cities the businesses are located in, the type of company, the number of employees benefiting from the program, and the lending institution providing the loans.
WOWK 13 News found the loans went to numerous single employee, Sole Proprietorship businesses to a substantially large number of bigger businesses averaging 30-50 employees. The largest single loan was made to a Wheeling-based company which claimed money to keep 69 employees on the payroll.
The lending institutions making the loans included United Bank, WesBanco Bank, Inc, City National Bank of West virginia, The Huntington National Bank and the Bank of Mingo just to name a few .
The SBA and Treasury department say the information released accounts for nearly 75% of all the loan dollars approved for the PPP programs.