A federal relief program that recently ended contributed over $1.1 billion to the Tysons area to help workers.
The money came through the CARES Act, the COVID-19 relief package passed by Congress in 2020 that created the Paycheck Protection Program. In the area, it helped around 1,700 businesses, nonprofits, and sole proprietors with forgivable loans of $150,000 and more.
According to data from the Small Business Administration, which oversaw the program, the Tysons-area businesses and nonprofits that landed the most money in terms of a single award were:
- Digital Intelligence Systems (8270 Greensboro Dr.): the temp agency supported 500 jobs with a $10 million loan, the most that could be received
- Team Washington (1600 Spring Hill Rd.): the local Domino’s Pizza franchisee received $7.9 million for 500 jobs
- Favor TechConsulting (8075 Leesburg Pike): the information technology contractor got $7.9 million for 437 jobs
- SourceAmerica (8401 Old Courthouse Rd.): the nonprofit, which helps connect people with disabilities to jobs, received nearly $7.3 million for 397 jobs
- SecTek (1650 Tysons Blvd.): the private security guard firm got $7.1 million for 500 jobs
Businesses that received less than $150,000 weren’t included in the $1.1 billion figure that Tysons Reporter calculated using SBA data. Other businesses may have also received multiple awards but aren’t part of the list of top awards for an individual loan.
The money was given in the form of forgivable loans. To be forgiven, at least 60% of the money must have gone to payroll.
“The Paycheck Protection Program provided over 8.5 million small businesses and nonprofits the lifeline they needed to survive during a once-in-[a]-generation economic crisis,” SBA administrator Isabella Casillas Guzman said in a news release on Tuesday (June 1). “I’ve heard story after story from small business owners across the country about how PPP funds helped them keep the lights on, pay their employees — and gave them hope.”
The PPP rollout came with some controversy. After reports showed that some loans went to large corporations, hundreds of companies returned the money. The SBA says that 96% of the loans went to businesses with fewer than 20 employees.
Companies that received an initial PPP loan and met other criteria were able to get a second loan. The average amount awarded this year by the program overall was $42,000.
The weekend is almost here. Before you get into an argument about mask etiquette or head to bed for some much-needed sleep, let’s revisit recent news from the Tysons area…
A mayor, a governor, and four Racing Presidents stepped onto a baseball diamond, and thus began the 2021 Virginia State Little League Majors Tournament. Hundreds of young athletes and their…
Open houses this weekend include a 5 BD/3 BA Vienna home with a multi-level deck on a treed lot.
Tysons-headquartered Cvent, which provides business tools for customers to plan, market, and organize meetings and events, is headed back to the stock market. The event-management tech company announced today (Friday)…