WILLIAMSON, INC. ANNOUNCES RESULTS OF SBA PAYCHECK PROTECTION PROGRAM SURVEY

Franklin, TN. — May 11, 2020 — Williamson, Inc. has announced the results of a multiweek survey of Williamson County businesses regarding the Small Business Administration’s (SBA) Paycheck Protection Program (PPP).  The PPP is an SBA forgivable loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.

Williamson, Inc. launched a survey on April 20 to gain insight about the SBA program’s impacts within the community.  To date, 213 companies have responded to the survey.  The survey found:

• 180 of those respondents applied for PPP
• 106 businesses were awarded funding through the PPP (59%)
  • Of those awarded, 88% employ 50 people or fewer, 69% employ 20 people or fewer, 53% employ 10 people or fewer
• 88 disclosed PPP award amount
  • Total reported amount awarded was $26,560,283
  • Reported award amount ranged from a high of $8,000,000 to a low of $5,495
  • Reported median amount was $100,000

“The PPP program clearly benefitted a number of our smaller employers in Williamson County, which is important considering 90% of our membership is made of small businesses who employ between 1 and 10 people,” said Matt Largen, President and CEO of Williamson, Inc.

According to a recent survey from the National Federation of Independent Business (https://www.nfib.com/assets/Final-COVID-19-5-Write-up-Results.pdf), the percentage awarded from the Williamson, Inc. survey, 59%, is consistent with the survey results of the NFIB membership database of about 300,000 small business owners, which indicated about 61% of PPP loan applicants have received their loan.

Kel McDowell, Williamson, Inc.’s director of government affairs, has helped between 60 and 70 small businesses navigate the PPP and other SBA programs.

“It has been incredibly gratifying to work with small business owners across Williamson County,” McDowell said. “I have a tremendous appreciation for the tireless work these owners put into their businesses and the care they have for their employees.”

Anecdotal responses from the survey indicated the second round of PPP saw a smoother application process and the experience of the small businesses applicants were more positive.

“The PPP became a lifeline for the small business community in Williamson County.  Our banks stepped up and provided exceptional service for our small businesses.  I know that banks across the county worked until 1:00am in some cases to make sure they helped as many people as possible take advantage of this program,” Largen said.

Applications are still being accepted for the second round of the PPP and those interested should contact their financial institution.

For more information, press only:

Matt Largen

615-957-4779

Matt@williamsonchamber.com