NORFOLK, Va. — More than 250 Hampton Roads businesses received at least $1 million through the federal Paycheck Protection Program: a loan initiative designed to rescue an economy devastated by coronavirus-related shutdowns.
New data released by the Small Business Administration shows which local businesses received money to help pay employees and expenses during the job crisis.
In Hampton Roads, 17 businesses were awarded between $5 million and $10 million each.
- Bayview Physician Services, Chesapeake
- Burgerbusters Inc, Virginia Beach
- Clark Nexsen, Virginia Beach
- Colonna’s Shipyard, Norfolk
- Divurgent LLC, Virginia Beach
- EVMS Academic Physicians and Surgeons HSF, Norfolk***
- ICI Service Corporation, Virginia Beach
- LGS Management Group, Virginia Beach
- Lombart Brothers, Norfolk
- MHI Hospitality TRS, Williamsburg
- PBMARES, LLP, Newport News
- Tecnico Corporation, Chesapeake
- Tidewater Physicians Multispecialty Group, Newport News
- Virginia Oncology Associates, Norfolk
- W.M. Jordan Company, Newport News
- Warwick Plumbing and Heating Company, Newport News
- ZEL Technologies, LLC, Hampton
***An EVMS spokesperson said the school returned the money after deciding that it was ineligible for the program.
About 2,500 other businesses in Hampton Roads received loans of at least $150,000. A large majority of PPP recipients received less than $150,000, but the SBA has refused details on these loans to date.
Nationally, the federal government is backing $659 billion in loans.
“The question is, is it enough to sustain until the economy comes back around?" said Peter Shaw, Professor of Business Administration at Tidewater Community College.
In Hampton Roads, some of the recipients of the PPP loans are larger companies with hundreds of employees, including law firms, medical groups, and construction companies.
“This loan was not intended for large companies that are well capitalized," Shaw said. "Some of them sort of snuck in, but I can see them being cleaned up.”
The list of PPP recipients receiving more than $1 million includes well-known names around the 757: Colonna's Shipyard, the Cavalier Hotel, Taste, Rutter Mills, Clark Nexsen, W.M. Jordan, PETA, Hilton Virginia Beach Oceanfront, Eggleston Services, and many others.
“As long as they meet the SBA definition of small business," Shaw said. "Although nationally we saw some of the large chains get money and they were refunding the money, but the federal government took them to another pot of money somewhere else.”
The one percent interest loans have the potential to be entirely forgiven if used for payroll, rent, and other expenses.
More details are available at sba.gov.