Millions of dollars in loans under the Paycheck Protection Program (PPP) were awarded to Cullman County businesses, potentially saving thousands of jobs.

The largest loan – between $5-10 million – went to the Rusken Packaging Company, which will allow the company to retain 500 jobs.

The data released by the Small Business Administration and U.S. Treasury does not specify an exact amount companies received over $150,000. Instead, it provide ranges of loan amount.

McGriff Tire Company received a loan somewhere between $2-5 million, retaining 262 jobs. Apel Steel, Colburn Construction, Cullman Cabinet and Supply, Cullman Internal Medicine, Cullman Primary Care, Good Hope Contracting, HomTex, McGriff Treading Company and USA Healthcare Woodland Village all received between $1-2 million and with the potential of retaining a total of 1,405 jobs.

A large number of companies received loans under the $150,000 amount. The data released does not identify them by name, but does provide an exact loan amount and the type of industry. The businesses who received loans through the PPP program run the gamut from health care, to agriculture, to schools and churches, to construction and homebuilding.

Cullman Economic Development Director Dale Greer said the variety and number of businesses receiving the loans does not surprise him. 

“The city, county and Chamber of Commerce did a good job disseminating the information,” he said. “It’s also a testament to the banks. They worked hard and did a good job helping so many people fill out the forms and get the help they needed.”

All told, Cullman County businesses reported that the loans will help them retain more than 11,000 jobs.

“I think the PPP kept a lot of people from being unemployed that otherwise would have been unemployed,” said Greer.

“The PPP is an indisputable success for small businesses, especially to the communities in which these employers serve as the main job creators,” said Administrator Jovita Carranza. “In three months, this administration was able to act quickly to get funding into the hands of those who faced enormous obstacles as a result of the pandemic. Today’s data shows that small businesses of all types and across all industries benefited from this unprecedented program. The jobs numbers released last week reinforced that PPP is working by keeping employees on payroll and sustaining millions of small businesses through this time.”

The PPP was created by the CARES Act to provide forgivable loans to eligible small businesses to keep American workers on the payroll during the COVID-19 pandemic. Loans will be forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities.

“The PPP is providing much-needed relief to millions of American small businesses, supporting more than 51 million jobs and over 80 percent of all small business employees, who are the drivers of economic growth in our country,” said Treasury Secretary Steven T. Mnuchin. “We are particularly pleased that 27% of the program’s reach in low and moderate income communities which is in proportion to percentage of population in these areas. The average loan size is approximately $100,000, demonstrating that the program is serving the smallest of businesses.”

To see the data, visit https://home.treasury.gov/policy-issues/cares-act/assistance-for-small-businesses/sba-paycheck-protection-program-loan-level-data