Finance debt

Triad Companies Earn At Least $ 5 Million In Federal Paycheck Protection Loans | Business


Several Triad companies, including K&W Cafeteria Inc. and The Budd Group, have secured loans worth at least $ 5 million from the federal paycheck protection program.

The US Treasury and the Small Business Administration on Monday released limited details for borrowers of at least $ 150,000.

Companies with up to 500 employees, as well as independent contractors or self-employed workers, are eligible for PPP loans.

The agencies classified borrowers into the following categories: $ 150,000 to $ 350,000; $ 350,000 to $ 1 million; $ 1 to $ 2 million; 2 to 5 million dollars; and $ 5-10 million.

The lists also included the number of jobs that should be preserved.

Other Forsyth companies with a PPP loan of at least $ 5 million were Alphabest Education of Lewisville, the foreclosure law firm of Winston-Salem Brock & Scott PLLC and IFB Solutions, doing business as Winston- Salem Industries for the Blind.

The Budd Group and K&W each cited the preservation of 500 jobs, as well as 392 with Brock & Scott and 125 with Alphabest. IFB did not provide a list of jobs.

Small businesses can apply for low-interest loans up to two and a half times their average monthly payroll.

Loans will be fully or partially canceled if companies show that at least 75% of the money has been used to retain or rehire employees, and the remainder to pay certain expenses, until June 30.