ASHEVILLE – Some Buncombe County businesses are missing out on receiving their federal Paycheck Protection Program, or PPP, loan forgiveness from the federal government.
More than 400 businesses in the county have yet to file for loan forgiveness, according to the online dashboard of the program, which is about $16 million that local businesses do not need to pay back. Applying for loan forgiveness is quick and easy, Buncombe County announced January 18, and many will be able to apply directly on the US Small Business Administration website.
“Many of these businesses are very small and often women-owned, Black or small businesses,” Buncombe County Economic Development and Government Relations Director Tim Love told the Citizen Times Jan. 18.
The application may not require large amounts of data. According to the announcement, the only documents that need to be submitted include bank statements, tax documents and business values.
Financial Status:For renters, Asheville’s market is worst in NC, 5th worst in US, study says
Growing up:Buncombe County land use map: In the next 20 years, what land will be developed, conserved?
Businesses can apply for forgiveness at any time before the loan’s due date, the release said, either two or five years from now. the time the loan was granted.
To apply, visit directforgiveness.sba.gov. Frequently asked questions about the program and forgiveness can be found at sba.gov/document/support-faq-about-ppp-loan-forgiveness.
According to the online list, some of the local businesses that have not received forgiveness for their loans include:
- Thirsty Moni Brewery: $445,141 received.
- Hillman’s Beer: $375,400.
- Accordius Health in Asheville: $355,800.
- Nova Kitchen and Bath: $151,659.
- Next Level Recovery: $33,278.
PPP loans were given to small businesses during the COVID-19 pandemic, allowing businesses across the country to retain their employees. According to the online list, the federal Small Business Administration approved 11.47 million loans worth $792.6 billion nationwide.
In Buncombe County, 8,820 loans were issued totaling $648.4 million. Businesses reported that more than 80,000 workers are still on hold because of loans.
Report: How will Asheville end homelessness? See tips from a $73K survey
Add:Asheville ranks #10 on the list of the best restaurants in the US in 2023
The businesses that received the most loans in Buncombe County were:
- Allergy Partners was awarded $10 million and received a full pardon.
- Bojangles received $6.6 million and was forgiven all but $400,000.
- Tupelo Honey received $5.2 million and received a full pardon.
- Zealandia Holding Company received $4.8 million and received a full pardon.
- Southern Concrete Materials received $4.7 million and received a full pardon.
Christian Smith is a feature writer for the Asheville Citizen Times. Questions or comments? Contact him at RCSmith@gannett.com or 828-274-2222.