PPP Loans Benefited Akron Businesses

Akron OH

21 July, 2021

10:12 AM

Description

AKRON, OH — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Akron. 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 218,210 PPP loans approved in Ohio in 2021 alone, according to the Small Business Administration. The total 2021 amount approved was $9,038,248,426. 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 Akron businesses that benefited from the program according to the SBA. Check here for a full, searchable database. NATIONAL MACHINE COMPANY Cuyahoga Falls, OH, 44223 Approval amount: $6,973,000 Jobs reported: 475 Forgiveness amount: $7,052,802 THE EDUCATIONAL EMPOWERMENT GROUP LLC Akron, OH, 44301 Approval amount: $2,000,000 Jobs reported: 250 EDUCATIONAL EMPOWERMENT GROUP Akron, OH, 44301 Approval amount: $1,914,407 Jobs reported: 250 Forgiveness amount: $1,932,082 JULIUS ZORN INC Cuyahoga Falls, OH, 44223 Approval amount: $1,905,600 Jobs reported: 173 Forgiveness amount: $1,925,639 BLICK CLINIC, INC. Akron, OH, 44303 Approval amount: $1,562,500 Jobs reported: 292 Forgiveness amount: $1,573,134 PLUS ONE COMMUNICATIONS, LLC Akron, OH, 44301 Approval amount: $1,475,606 Jobs reported: 232 Forgiveness amount: $1,492,698 PASTORAL COUNSELING SERVICE OF SUMMIT COUNTY Akron, OH, 44303 Approval amount: $1,428,767 Jobs reported: 138 Forgiveness amount: $1,438,279 PASTORAL COUNSELING SERVICE OF SUMMIT COUNTY Akron, OH, 44303 Approval amount: $1,428,767 Jobs reported: 135 AKRON PAINT & VARNISH INC Akron, OH, 44301 Approval amount: $1,418,000 Jobs reported: 113 Forgiveness amount: $1,427,572 GABLE ELEVATOR INC Cuyahoga Falls, OH, 44223 Approval amount: $1,355,300 Jobs reported: 42 Forgiveness amount: $0 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].