Local breweries use PPP funds to keep business flowing

Local breweries use PPP funds to keep business flowing
(Charlotte Business Journal)

Eight Charlotte-area breweries each received more than $350,000 in loans from the Paycheck Protection Program, according to recent data released by the U.S. Small Business Administration.

The program provided forgivable loans to businesses struggling amid the COVID-19 pandemic. Nearly $660 billion was available across two rounds of funding to cover payroll, mortgage payments, rent and utilities.

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The SBA’s data divided loan recipients into five categories — without providing specific loan amounts. Those funding groups are: $150,000 to $350,000; $350,000 to $1 million; $1 million to $2 million; $2 million to $5 million; and $5 million to $10 million.

No information was shared for loans under $150,000.

In the Charlotte market, The Olde Mecklenburg Brewery received between $1 million and $2 million — the largest PPP loan for a brewery. The remaining loans were split between the $150,000 to $350,000 and the $350,000 to $1 million brackets.

2 local doctors bring unique perspective as they prepare to reopen their brewery

The Charlotte Business Journal caught up with the operators of several local breweries to see how they’re using the funds to stay afloat.

Read the full story here.