Buncombe County businesses still eligible for $16 million loan forgiveness

Christian Smith, Asheville Citizen Times
·2 min read
Bojangles locations just in Buncombe County received $6.6 million in PPP loans during the COVID-19 pandemic and had all but $400,000 forgiven.
Bojangles locations just in Buncombe County received $6.6 million in PPP loans during the COVID-19 pandemic and had all but $400,000 forgiven.

ASHEVILLE - Some Buncombe County businesses are missing out on getting their federal Paycheck Protection Program, or PPP, loans forgiven by the federal government.

Over 400 businesses in the county have yet to file for loan forgiveness, according to the program's online dashboard, which amounts to around $16 million that local businesses do not need to pay back. Applying for loan forgiveness is quick and easy, a Jan. 18 Buncombe County news release said, and most will be able to apply directly through the U.S. Small Business Administration's website.

"Many of these businesses are really small and tend to be women-owned, Black-owned or minority-owned businesses," Buncombe County Economic Development and Governmental Relation Director Tim Love told the Citizen Times Jan. 18.

Applying may not even require extensive documentation. According to the release, the only documents many will need to provide include bank statements, tax forms and business costs.

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Businesses can apply for forgiveness any time before the maturity date of the loan, the release said, which is either two or five years from when the loan was given out.

To apply, visit directforgiveness.sba.gov. Frequently asked questions about the program and forgiveness can be found at sba.gov/document/support-faq-about-ppp-loan-forgiveness.

According to the online dashboard, some local businesses that have not received forgiveness for their loans include:

  • Thirsty Monk Brewery: $445,141 received.

  • Hillman Beer: $375,400.

  • Accordius Health at Asheville: $355,800.

  • Nova Kitchen and Bath: $151,659.

  • Next Step Recovery: $33,278.

The Thirsty Monk, shown here at its downtown Asheville location, has around $445,141 in unforgiven PPP Loans.
The Thirsty Monk, shown here at its downtown Asheville location, has around $445,141 in unforgiven PPP Loans.

PPP loans were given out to small businesses during the COVID-19 pandemic, allowing business across the country to retain their workers. According to the online dashboard, the federal Small Business Administration approved 11.47 million loans totaling $792.6 billion throughout the nation.

In Buncombe County, 8,820 loans were given totaling $648.4 million. Businesses reported retaining over 80,000 workers as a result of the loans.

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The businesses that received the most in loan money in Buncombe County are:

  1. Allergy Partners received $10 million and received full forgiveness.

  2. Bojangles received $6.6 million and had all but $400,000 forgiven.

  3. Tupelo Honey received $5.2 million and received full forgiveness.

  4. Zealandia Holding Company received $4.8 million and received full forgiveness.

  5. Southern Concrete Materials received $4.7 million and received full forgiveness.

Christian Smith is the general assignment reporter for the Asheville Citizen Times. Questions or comments? Contact him at RCSmith@gannett.com or 828-274-2222.

This article originally appeared on Asheville Citizen Times: Buncombe County businesses still eligible for PPP loan forgiveness