Which Cincinnati Businesses Got PPP Loans

Cincinnati OH

21 July, 2021

10:18 AM

Description

CINCINNATI, OH — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Cincinnati. 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 Cincinnati businesses that benefited from the program according to the SBA. Check here for a full, searchable database. D.E. FOXX & ASSOCIATES, INC Cincinnati, OH, 45202 Approval amount: $9,500,000 Jobs reported: 500 RESTAURANT MANAGEMENT, INC. Cincinnati, OH, 45202 Approval amount: $4,633,000 Jobs reported: 500 AED ENTERPRISES LLC Cincinnati, OH, 45202 Approval amount: $4,575,400 Jobs reported: 500 Forgiveness amount: $4,628,907 YMCA OF GREATER CINCINNATI Cincinnati, OH, 45202 Approval amount: $4,505,947 Jobs reported: 211 TERILLIUM INC. Cincinnati, OH, 45202 Approval amount: $3,768,056 Jobs reported: 161 EMPOWER MEDIAMARKETING, INC. Cincinnati, OH, 45202 Approval amount: $3,682,000 Jobs reported: 204 Forgiveness amount: $3,723,832 SANCTUARY ON CAMELBACK, INC. Cincinnati, OH, 45202 Approval amount: $3,462,988 Jobs reported: 420 DIRECTIONS RESEARCH, INC. Cincinnati, OH, 45202 Approval amount: $3,429,927 Jobs reported: 181 RHINEGEIST HOLDINGS, LLC Cincinnati, OH, 45202 Approval amount: $3,419,000 Jobs reported: 263 JANCOA JANITORIAL SERVICES INC Cincinnati, OH, 45202 Approval amount: $3,343,700 Jobs reported: 500 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].