The Paycheck Protection Program (PPP) provided loans to small businesses affected by the COVID-19 pandemic. Companies with less than 500 employees, sole-proprietorships, independent contractors and self-employed individuals could qualify for these loans, according to Harvard Business School.
A report on the program analyzed by the Peter G. Peterson Foundation found the “distribution of loans across sectors didn’t mirror the distribution of job losses.” It showed restaurants and food service businesses did not receive many loans, despite suffering the highest level of job losses.
A preliminary analysis from the National Bureau of Economic Research suggests the areas most affected by economic disruption did not receive the most loans.
The Paycheck Protection Program ended on May 31, 2021. Existing borrowers may be eligible for loan forgiveness at the discretion of the lender.
PPP loans distributed in 2020 in ZIP Code 24656
| Name of Borrower | Current Approved Amount |
|---|---|
| Torque Enterprises, LLC | $513,911 |
| K & K Repair & Construction, Inc. | $255,422 |
| Cavalier Mineral, Inc. | $180,497 |
| J R S Enterprises, Inc. | $160,307 |
| Owens CPA & Associates, Inc. | $70,200 |
| Jocoths Enterprises, Inc. | $66,252 |
| Southwest Virginia Professional Insurance Agency, Inc. | $53,100 |
| Lightnin Express, LLC | $51,800 |
| Appalachian Family Care, LLC | $45,852 |
| DD&e Mining, Inc. | $41,670 |
| Service Fuel, Inc. | $40,600 |
| Howard Cook Management Corporation | $39,055 |
| Anchorage Photo & Video, Inc. | $29,900 |
| Vandyke Chiropractic, PC | $27,600 |
| Mangat, LLC | $23,237 |
| Childress Furniture Store, Inc. | $22,035 |
| Vansant Baptist Church of Vansant | $19,500 |
| The Outlet Store, Inc. | $12,200 |
| Praters Zip-In | $11,200 |
| L and O Construction, Inc. | $7,917 |
| HC Anchorage LC | $7,090 |
| Newberry Trucking Company, Inc. | $6,800 |
| Spencer Motor Sales of Vansant, Inc. | $6,513 |
| Edwards Distributing, Inc. | $6,100 |
| Chris Charles Trucking, Inc. | $5,876 |
| Rogers Service Center | $5,600 |
| Todd Matney Trucking, LLC | $4,100 |
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