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Several businesses in Ringgold County qualified to receive loans through the Paycheck Protection Program backed by the U.S. Small Business Administration.
The loans helped businesses keep their workforce employed during the COVID-19 crisis.
Loans were available in two separate draws, and applicants were eligible to apply for both draws.
SBA records indicate a total of 631 loans were approved in Ringgold County in the following amounts:
Under $10,000 226
$10,001 – $25,000 357
$25,001 – $50,000 27
$50,001 – $100,000 12
$100,001 – $150,000 6
$150,001 – $500,000 1
$500,001 – $1,000,000 1
Over $1,000,000 1
According to data on the SBA website, the top borrowers in Ringgold County included:
Borrower $ Amount
Ringgold County Hospital 1,932,100
Clearview Routh, LP 576,300
R.M.H. Incorporated 248,965
Graves Forestry Inc 141,003
Graves Forestry, Inc. 137,182
Karen Leonard 114,099
B & M Recycling Inc. 108,847
Glendenning Motor Co. Inc. 106,500
B & M Recycling, Inc. 102,386
Southwest Builder Supply, Inc. 91,800
Southern Waste Handling Inc 85,310
Circle Of Life Rehabilitation Services 85,102
TEK Builder LLC 84,800
Southern Waste Handling, Inc. 83,800
Ringgold County Child Care Center 70,862
Ringgold County Child Care Center 61,800
M.W. LLC 59,988
M.W. LLC 59,960
Schaefer Excavating, Inc. 54,200
Podium Ink, Inc. 51,300
Heartland Energy Solutions LLC 50,000
In full transparency, Paragon Publications, publisher of both the Mount Ayr Record-News and Diagonal Progress, received a $38,913 PPP loan.
Recipients may qualify for full loan forgiveness if three conditions are met:
1) Employee and compensation levels are maintained;
2) The loan proceeds are spent on payroll costs and other eligible expenses; and
3) At least 60% of the proceeds are spent on payroll costs.
According to the SBA guidelines, borrowers can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender.