In Georgetown, the major recipients of the federal government’s paycheck protection program were restaurants and hotels. This program, enacted in response to Covid, provided employers with low interest forgivable loans in return for them keeping employees on the payroll.
The recipients of the program were made public and there were fifty companies based in the 20007 zip code that participated. The break down by type of employers is as follows:
Restaurants and hotels were among the businesses most directly impacted by the pandemic. So it should come as no surprise that they are at the top. In fact, it’s a little surprising that more restaurants aren’t listed. (Possibly there were more, but the legal entity was outside the zip code.)
Not all the businesses reflected on this list are based in Georgetown, since the 20007 zip code covers a larger area. But eyeballing the list, it appears that most are. Among the more recognizable recipients were:
- Van Ness Feldman – This law firm took the largest amount at $3.4 million in order to keep 168 employees.
- Georgetown Visitation – This school took $2 million to keep 120 people employed.
- Holy Trinity Church – The church received $1 million to keep 101 people employed (although it was listed under religious organizations, this presumably was more for Holy Trinity School than the church itself.)
- Cafe Milano – This in/famous restaurant received $921k to keep 65 employed.
The overall average grant was $1.4 million in order to keep 92 people employed. This works out to about $15,000 per employee. Across DC the average loan was only $109k, with the average number of employees at 10. That works out to $10k per employee.