Small business COVID-19 relief brought over $1B to Tysons area – Tysons Reporter

Posted: June 4, 2021 at 3:47 pm

A federal relief program that recently ended contributed over $1.1 billion to the Tysons area to help workers.

The money came through the CARES Act, the COVID-19 relief package passed by Congress in 2020 that created the Paycheck Protection Program. In the area, it helped around 1,700 businesses, nonprofits, and sole proprietors with forgivable loans of $150,000 and more.

According to data from the Small Business Administration, which oversaw the program, the Tysons-area businesses and nonprofits that landed the most money in terms of a single award were:

Businesses that received less than $150,000 werent included in the $1.1 billion figure that Tysons Reporter calculated using SBA data. Other businesses may have also received multiple awards but arent part of the list of top awards for an individual loan.

The money was given in the form of forgivable loans. To be forgiven, at least 60% of the money must have gone to payroll.

Details regarding businesses that received the money are available through online databases, such as ProPublica and the SBA. The program ended Monday (May 31).

The Paycheck Protection Program provided over 8.5 million small businesses and nonprofits the lifeline they needed to survive during a once-in-[a]-generation economic crisis, SBA administrator Isabella Casillas Guzman said in a news release on Tuesday (June 1). Ive heard story after story from small business owners across the country about how PPP funds helped them keep the lights on, pay their employees and gave them hope.

The PPP rollout came with some controversy. After reports showed that some loans went to large corporations, hundreds of companies returned the money. The SBA says that 96% of the loans went to businesses with fewer than 20 employees.

Companies that received an initial PPP loan and met other criteria were able to get a second loan. The average amount awarded this year by the program overall was $42,000.

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Small business COVID-19 relief brought over $1B to Tysons area - Tysons Reporter

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