Which Detroit Businesses Got PPP Loans

Detroit MI

21 July, 2021

4:08 PM

Description

DETROIT, MI — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Detroit. The Paycheck Protection Program started in April 2020 as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES), and was extended until May 31, 2021. There were 176,993 PPP loans approved in Michigan in 2021 alone, according to the Small Business Administration. The total 2021 amount approved was 8,418,112,644. Loan applications were processed through banks and other traditional lenders, with the SBA backing the resulting loans. Around $800 billion in loans were approved nationwide under the program. The loans are forgivable if borrowers meet certain criteria, including spending at least 60 percent of the money on payroll costs and maintaining employee compensation levels. Below are some Detroit businesses that benefited from the program according to the SBA. Check here for a full, searchable database. UNIVERSITY PEDIATRICIANS Detroit, MI, 48201 Approval amount: $6,771,300 Jobs reported: 474 DETROIT SYMPHONY ORCHESTRA, INC. Detroit, MI, 48201 Approval amount: $4,012,773 Jobs reported: 214 Forgiveness amount: $4,060,706 THE DETROIT INSTITUTE OF ARTS Detroit, MI, 48202 Approval amount: $3,965,625 Jobs reported: 393 CHILDREN'S CENTER OF WAYNE COUNTY, INC. Detroit, MI, 48201 Approval amount: $3,352,203 Jobs reported: 286 Forgiveness amount: $3,389,252 MEDICAL CENTER EMERGENCY SERVICES Detroit, MI, 48201 Approval amount: $3,175,800 Jobs reported: 102 Forgiveness amount: $3,211,175 VISTA MARIA Dearborn Heights, MI, 48127 Approval amount: $2,812,300 Jobs reported: 324 Forgiveness amount: $2,845,501 LGC GLOBAL, INC. Detroit, MI, 48202 Approval amount: $2,601,825 Jobs reported: 140 Forgiveness amount: $2,631,336 UNITED WAY FOR SOUTHEASTERN MICHIGAN Detroit, MI, 48202 Approval amount: $2,470,905 Jobs reported: 156 Forgiveness amount: $2,500,501 ADAMO DEMOLITION COMPANY, INC. Detroit, MI, 48203 Approval amount: $2,348,800 Jobs reported: 80 Forgiveness amount: $2,375,811 ADAMO DEMOLITION COMPANY INC. Detroit, MI, 48203 Approval amount: $2,000,000 Jobs reported: 87 Nationally, the accommodation/food service industry received the largest share of loans in 2021, with 15 percent of the total. Around 87 percent of the loans approved in 2021 were for $50,000 or less, and they accounted for a third of the total approved amount. The average loan size was $42,000. The program wasn't without controversy. Banks tended to prioritize large, established businesses, according to a New York Times analysis. Congress raised fees for small loans in December to encourage lenders to make small business loans, and rules were changed in February to allow unprofitable solo businesses to qualify. Several large companies drew public ire after it was revealed that they took PPP loans instead of relying on traditional capital-raising activities. The outcry prompted the SBA to review all loan applications over $2 million and issue guidance that the program was intended for businesses that lacked access to other cash-raising methods. Editor's note: This list was automatically generated using data from the SBA for approved loans of $150,000 or more, although some loans ultimately were not made. Business owners can contact the SBA if information about a loan isn't correct. SBA data occasionally contains duplicate entries. Other feedback can be sent to [email protected].