PPP Loans Benefited Troy Businesses

Troy MI

21 July, 2021

10:15 AM

Description

TROY, MI — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Troy. 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 Troy businesses that benefited from the program according to the SBA. Check here for a full, searchable database. ICONMA, L.L.C. Troy, MI, 48083 Approval amount: $10,000,000 Jobs reported: 250 Forgiveness amount: $10,114,247 CONTINENTAL CAFE HOLDINGS, LLC Troy, MI, 48083 Approval amount: $10,000,000 Jobs reported: 500 BENESYS, INC. Troy, MI, 48098 Approval amount: $10,000,000 Jobs reported: 500 KCM TECHNICAL INC. Troy, MI, 48083 Approval amount: $9,931,800 Jobs reported: 500 Forgiveness amount: $10,040,498 RAPID GLOBAL BUSINESS SOLUTIONS INC. Troy, MI, 48083 Approval amount: $9,868,402 Jobs reported: 369 SUPERIOR ELECTRIC GREAT LAKES COMPANY Troy, MI, 48083 Approval amount: $9,189,900 Jobs reported: 281 GALLAGHER-KAISER CORPORATION Troy, MI, 48083 Approval amount: $7,824,900 Jobs reported: 462 BNP MEDIA II, LLC Troy, MI, 48084 Approval amount: $7,263,300 Jobs reported: 440 AJAX PAVING INDUSTRIES, INC Troy, MI, 48084 Approval amount: $6,316,999 Jobs reported: 421 CARETECH SOLUTIONS, INC. Troy, MI, 48084 Approval amount: $4,702,300 Jobs reported: 320 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].