When COVID-19 first started to spread throughout the country during the late winter and early spring of the year, many parts of the economy faltered.
Locally, Recycle Management in Harrisonburg saw demand and supply for its products drop.
The Paycheck Protection Program gives out loans to businesses to keep employees on payrolls as part of a federal program. The loans have a 1% interest rate, according to the U.S. Small Business Administration’s website.
The program began accepting applications again on July 6 with a new deadline of Aug. 8.
“It was a long process,” Jody Salyards, the owner of Recycle Management, said of applying for the federal program.
But the application paid off, he said in a Monday interview.
“We wouldn’t have been able to keep all our employees going during this time without [the PPP funds],” Salyards said.
Recycle Management and at least another 199 other city and county businesses received a combined tens of millions of dollars, according to federal documents.
The 200 firms were identified by city ZIP codes and several area ZIP codes in the most populated parts of Rockingham County. They received somewhere between $85.2 million and $203.25 million between them all, according to federal PPP data accessed through ProPublica.
An exact amount was not given for each PPP loan. Instead, the amount of funding given to each business is only explained in ranges of $150,000 to $350,000, $350,000 to $1 million, $1 million to $2 million, $2 to $5 million, and $5 million to $10 million.
Harrisonburg had 114 businesses receive between $46.1 million and $110 million in total
Rockingham had 36 businesses receive between $17.15 million and $37.45 million in total
Mount Crawford had six businesses receive between $2.75 million and $7 million in total
Bridgewater had 15 businesses receive between $8.5 million and $21.5 million in total
Elkton had four businesses receive between $2 million and $3.5 million in total
Grottoes had three businesses receive between $850,000 and $1.35 million in total
Timberville had six businesses receive between $1.75 million and $3.75 million in total
Broadway had nine businesses receive between $2.8 million and $6.75 million in total
Dayton had seven businesses receive between $3.1 million and $7.75 million in total