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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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.
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.
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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.