St. Mary businesses await info on new round of PPP

Specifics have not been released about the third round of Paycheck Protection Program money that will be available to businesses in a $900 billion coronavirus relief package President Donald Trump signed Sunday. But anything is good for the parish businesses, St. Mary Parish President David Hanagriff said.
Hanagriff said he wasn’t sure of specifics yet regarding who will qualify for money from the $280 billion being made available.
“I know it’s a lesser amount, so I don’t know how many businesses in St. Mary Parish will qualify or if there are different stipulations they put in there,” he said.
In the federal program — administered by the U.S. Small Business Association — loans are offered through local banks to keep workers on payroll during the coronavirus pandemic. Loan forgiveness is possible.
Jeremy Callais, president of M C Bank, said he read that about 76% of Louisiana businesses took advantage of the Paycheck Protection Program, and he said that it was “a huge benefit to the parish.”
Callais said that in his bank, more than $40 million combined was loaned to more than 400 customers.
He said it appears there will be a great need for it when the money is available again.
“Based on the number of calls we’ve received, it seems like demand is high again for the product,” Callais said.
Businesses in St. Mary Parish borrowed more than $88 million in the Paycheck Protection Program, saving more than 7,100 jobs. The 7,100 jobs is about one third of the parish’s workforce before the pandemic.
Hanagriff has a personal connection to the process as his family business, Hanagriff’s Machine Shop in Centerville, received assistance.
“It’s helped my business and many businesses throughout St. Mary Parish primarily because of the fact that we’re all affected,” he said. “We’re all affected by the downturn in the economy, the downturn in the oil and gas, even more so” in 2020 with COVID-19. “So it definitely has helped a lot of companies in St. Mary Parish maintain and keep the workforce where it is right now.”
Even with potential aid available in the relief package, Hanagriff said, there are other companies in the area that are “distressed” and need help.