Myrtle Beach mayor’s business, Chinese-owned golf group among COVID-19 loan recipients
Dozens of Grand Strand businesses received at least $1 million in forgivable federal loans as part of the coronavirus stimulus package, including one owned by Myrtle Beach’s mayor and another owned entirely by Chinese investors.
The U.S. Small Business Administration and Treasury Department released detailed data about loans made under the Paycheck Protection Program, which was authorized under the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act.
That data includes names and addresses of recipients who received loans of more than $150,000, though it only listed ranges for the total amount, for example: $5-10 million, $2-5 million, $1-2 million, $350,000-1 million or $150,000-350,000.
Forty-one businesses in the Myrtle Beach area received at least $1 million, according to the data, including two that received at least $5 million — Capital Ventures LLC and CMAC Inc.
Both entities stated that the loans would help them retain 500 employees apiece — the maximum amount of employees most businesses were allowed to employ and still be considered a small business and eligible for the program. Some larger companies, including Hallmark and Shake Shack, returned Payroll Protection Program loans, according to various media reports.
Other local companies receiving large loans included: Burroughs and Chapin ($2-5 million to retain 202 employees), which owns Broadway at the Beach and Barefoot Landing; Southern Asphalt Inc. ($2-5 million to retain 236 employees); Better Brands Inc. ($1-2 million to retain 143 employees), which is owned by Myrtle Beach Mayor Brenda Bethune; and Founders National Golf LLC ($2-5 million to retain 201 employees), which owns 21 local golf courses and is owned by investors from China, though one of the lead investors moved to Myrtle Beach and has lived here for five years.
A separate entity called Founders Golf International LLC, listed at the same address as Founders National Golf LLC, also received a loan worth $150,000-350,000 to retain 11 employees.
Some Horry County businesses that received at least $1 million, including A.O. Hardee and Son Inc. and Brittain Resorts and Hotels LLC, did not list how many employees would be retained or stated that none would be retained.
The PPP application states that the loans are forgivable if they go toward covering payroll costs during a certain timeframe or some nonpayroll costs including rent and utility obligations.
Private schools, churches and attorney law firms were among the types of businesses in the Myrtle Beach area to receive loans. Here’s some of the notable companies on the list:
- Boulineau’s Inc. received $1-2 million to retain 191 employees
- Alabama Theatre at Barefoot Landing received $350,000-$1 million to retain 102 employees
- Eagles Beachwear and Swimwear of Myrtle Beach received $350,000-$1 million with no employee retention listed
- Myrtle Beach Pelicans received $350,000-$1 million to retain zero employees
- 810 Billards and Bowling received three separate loans of $150,000-$350,000 for their locations in Conway, Market Common and North Myrtle Beach
- Gay Dolphin received $150,000-$350,000 to retain 37 employees
- Meher Spritual Center received $150,000-$350,000 to retain 27 employees
Congress last week approved extending the PPP application deadline an additional five weeks to Aug. 8, according to reports. President Trump signed the bill into law Saturday.
This story was originally published July 8, 2020 at 6:00 AM.
