Sunday, March 27, 2022

Bill Crawford: Releasing ARPA Funds Can Provide PPP-Like Boost to Local Economies

 Mississippi’s economy survived COVID much better than the nation, state economist Corey Miller said earlier this month. The state economy contracted only 1.8% compared to the national decline of 3.4%. Miller attributed much of this to federal transfer payments, pointing out such payments were up 26.4%.

 While CARES Act (and related Consolidated Appropriations Act of 2021) direct payments to individuals and farmers plus increased unemployment and SNAP benefits accounted for much of this, loan forgiveness to small businesses also played a key role. (Varying estimates indicate 16% to 30% of pandemic benefits came to Mississippi in the form of loan forgiveness.)

Altogether during two rounds of the Paycheck Protection Program (PPP), $5.4 billion was pumped into the state economy through 138,484 loans to small businesses. These funds allowed businesses to stay open and retain employees in both 2020 and 2021. No doubt this helped sustain payroll employment which Miller said dipped 4.3% in Mississippi compared to 5.8% nationally.

A total of $4.9 billion of that $5.4 billion was forgiven, covered by CARES Act funds. 

The U.S. Small Business Administration (SBA) managed the PPP loan program by determining eligibility for bank loans. SBA data shows PPP loans spanned nearly every business sector in the state and reached every county. Health Care and Social Services garnered the highest total at $739 million for 10,828 loans. The bucket category of Other Services received the highest number of loans at 24,801 for a total amount of $507 million. The state’s largest county, Hinds, received 12,821 loans while the smallest, Issaquena, got 28.

Over 88% of the loans were for amounts of $50,000 or less. Community Bank of Mississippi issued the highest number of loans at 9,722 for a total of $439 million. Trustmark National Bank loaned the highest total at $587 million for 7,334 loans.  

On a smaller scale the SBA provided $77 million in forgivable loans to 511 restaurants.

The PPP impact illustrates how a stimulus program that spurs business activity in every county can benefit the overall economy as well as tax collections. Most hope the pending stimulus from the American Recovery Plan Act (ARPA) for infrastructure improvements will do the same.

The state has $1.8 billion in ARPA funds awaiting spending approval in the Legislature. Cities and counties are getting another $900 million, according to Mississippi Today. Gov. Tate Reeves and Lt. Gov. Delbert Hosemann have proposed using state ARPA funds to match local ARPA funds for water and sewer and other major infrastructure projects. Funding infrastructure projects in most if not all cities and counties in Mississippi would provide another broad boost to local economies and employment just as PPP loans did.

ARPA funds must be obligated by Dec. 31, 2024, and fully expended by Dec. 31, 2026. Since infrastructure projects can take months, sometimes years, to gain regulatory approval, any delay can put millions in funding at risk. 

Speaker Philip Gunn and House members should get fully on board and quickly authorize expenditure of ARPA funds across the state as Gov. Reeves and Lt. Gov. Hosemann have suggested.

“Now let the sickle do its work; the harvest is ripe and waiting” – Joel 3:13.

Crawford is a syndicated columnist from Jackson.

9 comments:

Anonymous said...

Oh cmon. When you’re already at the bottom you can’t really get any lower. Just sayin This is like a homeless person saying “hey that tornado that came through sure did a lot of damage, but I came out of it ok!”

Washington's Money Tree said...

“The American Republic will endure until the day Congress discovers that it can bribe the public with the public’s money.”

-Alexis De Tocqueville

Anonymous said...

The State better take a look at the condition of it’s rural hospitals before squandering this money. Most, if not all, are in serious financial trouble brought on by the Government, both Federal and State, and neither have a clue of how to address the problem. And no, Medicaid expansion will not begin to address this problem.

Anonymous said...

12:15, FAKE.

Verdict: False

It does not appear in any of de Tocqueville’s writings or speeches.

Anonymous said...

@11:16 AM
AGREED.
Any more revelations to offer us?

Anonymous said...

I'd never heard of a 'state economist' before last year's discussions re budgeting, Federal money infusions to individuals and communities, etc.

A question that won't be answered: What are the qualifications, who hires him/her and to whom does a state economist directly report?

Anonymous said...

Lots of the fake religious pious will be buying beach houses in Gulf Shores and Destin with that socialism money.

Anonymous said...

@1:32pm Then please add to the credit, "...variously attributed to Alexis de Tocqueville and others" and it satisfies.

Regardless of who said it - even if it was from someone yesterday - the words have a profound truth in them that is inescapable.

Anonymous said...

Rekon the issue is that some of the funds are already missing and this whole thing is a way to keep it on the down low ? We already got plenty of chumps in lower offices picking it clean so why not the big boys and girls. Shad would know .


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Trollfest '07 was such a success that Jackson Jambalaya will once again host Trollfest '09. Catch this great event which will leave NE Jackson & Fondren in flames. Othor Cain and his band, The Black Power Structure headline the night while Sonjay Poontang returns for an encore performance. Former Frank Melton bodyguard Marcus Wright makes his premier appearance at Trollfest singing "I'm a Sweet Transvestite" from "The Rocky Horror Picture Show." Kamikaze will sing his new hit, “How I sold out to da Man.” Robbie Bell again performs: “Mamas, don't let your babies grow up to be Bells” and “Any friend of Ed Peters is a friend of mine”. After the show, Ms. Bell will autograph copies of her mug shot photos. In a salute to “Dancing with the Stars”, Ms. Bell and Hinds County District Attorney Robert Smith will dance the Wango Tango.

Wrestling returns, except this time it will be a Battle Royal with Othor Cain, Ben Allen, Kim Wade, Haley Fisackerly, Alan Lange, and “Big Cat” Donna Ladd all in the ring at the same time. The Battle Royal will be in a steel cage, no time limit, no referee, and the losers must leave town. Marshand Crisler will be the honorary referee (as it gives him a title without actually having to do anything).


Meet KIM Waaaaaade at the Entergy Tent. For five pesos, Kim will sell you a chance to win a deed to a crack house on Ridgeway Street stuffed in the Howard Industries pinata. Don't worry if the pinata is beaten to shreds, as Mr. Wade has Jose, Emmanuel, and Carlos, all illegal immigrants, available as replacements for the it. Upon leaving the Entergy tent, fig leaves will be available in case Entergy literally takes everything you have as part of its Trollfest ticket price adjustment charge.

Donna Ladd of The Jackson Free Press will give several classes on learning how to write. Smearing, writing without factchecking, and reporting only one side of a story will be covered. A donation to pay their taxes will be accepted and she will be signing copies of their former federal tax liens. Ms. Ladd will give a dramatic reading of her two award-winning essays (They received The Jackson Free Press "Best Of" awards.) "Why everything is always about me" and "Why I cover murders better than anyone else in Jackson".

In the spirit of helping those who are less fortunate, Trollfest '09 adopts a cause for which a portion of the proceeds and donations will be donated: Keeping Frank Melton in his home. The “Keep Frank Melton From Being Homeless” booth will sell chances for five dollars to pin the tail on the jackass. John Reeves has graciously volunteered to be the jackass for this honorable excursion into saving Frank's ass. What's an ass between two friends after all? If Mr. Reeves is unable to um, perform, Speaker Billy McCoy has also volunteered as when the word “jackass” was mentioned he immediately ran as fast as he could to sign up.


In order to help clean up the legal profession, Adam Kilgore of the Mississippi Bar will be giving away free, round-trip plane tickets to the North Pole where they keep their bar complaint forms (which are NOT available online). If you don't want to go to the North Pole, you can enjoy Brant Brantley's (of the Mississippi Commission on Judicial Performance) free guided tours of the quicksand field over by High Street where all complaints against judges disappear. If for some reason you are unable to control yourself, never fear; Judge Houston Patton will operate his jail where no lawyers are needed or allowed as you just sit there for minutes... hours.... months...years until he decides he is tired of you sitting in his jail. Do not think Judge Patton is a bad judge however as he plans to serve free Mad Dog 20/20 to all inmates.

Trollfest '09 is a pet-friendly event as well. Feel free to bring your dog with you and do not worry if your pet gets hungry, as employees of the Jackson Zoo will be on hand to provide some of their animals as food when it gets to be feeding time for your little loved one.

Relax at the Fox News Tent. Since there are only three blonde reporters in Jackson (being blonde is a requirement for working at Fox News), Megan and Kathryn from WAPT and Wendy from WLBT will be on loan to Fox. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both and a torn-up Obama yard sign will entitle you to free drinks served by Megan, Wendy, and Kathryn. Get your tickets now. Since this is an event for trolls, no ID is required. Just bring the hate. Bring the family, Trollfest '09 is for EVERYONE!!!

This is definitely a Beaver production.


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Trollfest '07

Jackson Jambalaya is the home of Trollfest '07. Catch this great event which promises to leave NE Jackson & Fondren in flames. Sonjay Poontang and his band headline the night with a special steel cage, no time limit "loser must leave town" bout between Alan Lange and "Big Cat"Donna Ladd following afterwards. Kamikaze will perform his new song F*** Bush, he's still a _____. Did I mention there was no referee? Dr. Heddy Matthias and Lori Gregory will face off in the undercard dueling with dangling participles and other um, devices. Robbie Bell will perform Her two latest songs: My Best Friends are in the Media and Mama's, Don't Let Your Babies Grow up to be George Bell. Sid Salter of The Clarion-Ledger will host "Pin the Tail on the Trial Lawyer", sponsored by State Farm.

There will be a hugging booth where in exchange for your young son, Frank Melton will give you a loooong hug. Trollfest will have a dunking booth where Muhammed the terrorist will curse you to Allah as you try to hit a target that will drop him into a vat of pig grease. However, in the true spirit of Separate But Equal, Don Imus and someone from NE Jackson will also sit in the dunking booth for an equal amount of time. Tom Head will give a reading for two hours on why he can't figure out who the hell he is. Cliff Cargill will give lessons with his .80 caliber desert eagle, using Frank Melton photos as targets. Tackleberry will be on hand for an autograph session. KIM Waaaaaade will be passing out free titles and deeds to crackhouses formerly owned by The Wood Street Players.

If you get tired come relax at the Fox News Tent. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both will entitle you to free drinks.Get your tickets now. Since this is an event for trolls, no ID is required, just bring the hate. Bring the family, Trollfest '07 is for EVERYONE!!!

This is definitely a Beaver production.

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