Funding related to the COVID-19 Pandemic has helped to keep multiple businesses alive and well in our community. More specifically, the Paycheck Protection Program for loans of $150,000 and more and loans to businesses for $150,000 and less.
Rutherford County businesses have received a little over $201-million in funding from the federal government through the “Paycheck Protection Program.” The money used in the program is considered a loan, but a portion of that loan will be forgiven if certain requirements are met.
Of the $201-million, over 44% of the money approved went to loans valued at $150,000 or less in Rutherford County.
The Paycheck Protection Program was a loan approved by congress and offered through local banks as a way to provide a direct incentive for small businesses to keep their workers on the payroll during the COVID-19 Pandemic.
Nearby Counties in Middle TN:
In the Nashville area, Davidson County businesses received over $1.5 billion in funding to help with paychecks during the Pandemic.
Bedford County businesses utilized close to $79-million, under the Paycheck Protection Program.
Coffee County companies borrowed $27-million to ensure that fewer employees were laid off during the COVID-19 Pandemic.
Around $37-million was used in Cannon County while Wilson County only took in $1-million to help cover paychecks at businesses.
In nearby Williamson County, business owners received $155-million to help cover payroll expenses.