CORRECTION: The amount of money received by Williamson County businesses through the Paycheck Protection Program was updated on July 17 with a more precise calculation.
Businesses in Williamson County received hundreds of millions of dollars through the Paycheck Protection Program.
The Paycheck Protection Program is a nearly $650 billion federal initiative designed to help businesses pay employees during the coronavirus pandemic. If businesses use most of the money to pay employees, or for some other operating expenses like rent, then they don’t have to pay back the loan. Otherwise, the payment becomes a low interest loan.
The U.S. Small Business Administration released details — such as the approximate size of the loan, the location of the business and the demographics of the business owners — for specific loans earlier this week.
More than 6,000 businesses and nonprofit organizations in Williamson County received between $439 million and $687 million through the program. That puts Williamson County among the top five counties in Tennessee for PPP loans, along with Davidson, Shelby, Knox, and Hamilton Counties.
More than 5,400 Williamson County businesses received loans of less than $150,000. That category made up the largest number of loans. Larger loans were less common, but those big loans made up the lion’s share of the full amount sent to Williamson County through the program.
Businesses in the professional, scientific and technical services industry — the largest industry in the county — received the highest number of loans and the most money. The industries with the next highest number of loans received were health care, construction and accommodation and food services businesses, respectively. More than 200 nonprofit organizations in Williamson County received Paycheck Protection Program loans.
These are the Paycheck Protection Program loans to Williamson County businesses worth more than $150,000: