Which St. Clair Shores Businesses Got PPP Loans

St. Clair Shores MI

21 July, 2021

10:08 AM

Description

ST. CLAIR SHORES, MI — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in St. Clair Shores. 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 St. Clair Shores businesses that benefited from the program according to the SBA. Check here for a full, searchable database. FISHER %26 COMPANY St. Clair Shores, MI, 48082 Approval amount: $10,000,000 Jobs reported: 500 MICHIGAN INSTITUTE OF UROLOGY Saint Clair Shores, MI, 48081 Approval amount: $5,397,300 Jobs reported: 499 YATES INDUSTRIES INC. Saint Clair Shores, MI, 48080 Approval amount: $2,247,700 Jobs reported: 186 Forgiveness amount: $2,275,234 GENESIS AUTOMOTIVE GROUP INC. Saint Clair Shores, MI, 48080 Approval amount: $1,603,310 Jobs reported: 139 Forgiveness amount: $1,616,488 EASTLAKE CARDIOVASCULAR PC Saint Clair Shores, MI, 48080 Approval amount: $1,438,800 Jobs reported: 103 EASTLAKE CARDIOVASCULAR PC Saint Clair Shores, MI, 48080 Approval amount: $1,438,800 Jobs reported: 103 Forgiveness amount: $1,447,793 ROY O'BRIEN, INC Saint Clair Shores, MI, 48080 Approval amount: $1,409,800 Jobs reported: 105 Forgiveness amount: $1,419,120 MICHIGAN NEUROLOGY ASSOCIATES P.C. Saint Clair Shores, MI, 48080 Approval amount: $1,096,385 Jobs reported: 124 MICHIGAN NEUROLOGY ASSOCIATES, P.C. St Clair Shores, MI, 48080 Approval amount: $1,076,427 Jobs reported: 500 ST. CLAIR ORTHOPAEDICS & SPORTS MEDICINE, P.C. Saint Clair Shores, MI, 48080 Approval amount: $1,029,700 Jobs reported: 104 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].