Which Mentor Businesses Got PPP Loans

Mentor OH

21 July, 2021

10:14 AM

Description

MENTOR, OH — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Mentor. 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 Mentor businesses that benefited from the program according to the SBA. Check here for a full, searchable database. COMPONENT REPAIR TECHNOLOGIES INC Mentor, OH, 44060 Approval amount: $8,079,500 Jobs reported: 250 CT CONSULTANTS INC. Mentor, OH, 44060 Approval amount: $4,561,000 Jobs reported: 257 Forgiveness amount: $4,613,325 LIBRA INDUSTRIES, LLC Mentor, OH, 44060 Approval amount: $4,222,100 Jobs reported: 341 JIM BROWN CHEVROLET, INC. Mentor, OH, 44060 Approval amount: $3,978,992 Jobs reported: 316 Forgiveness amount: $4,024,669 PAKO, INC. Mentor, OH, 44060 Approval amount: $3,892,488 Jobs reported: 265 Forgiveness amount: $3,936,425 NHVS INTERNATIONAL INC. Mentor, OH, 44060 Approval amount: $2,710,703 Jobs reported: 346 Forgiveness amount: $2,741,226 CRESCENT METAL PRODUCTS INC Mentor, OH, 44060 Approval amount: $2,526,100 Jobs reported: 49 PLATFORM CEMENT INC Mentor, OH, 44060 Approval amount: $2,518,900 Jobs reported: 110 Forgiveness amount: $2,546,642 PROFAC INC. Mentor, OH, 44060 Approval amount: $2,346,983 Jobs reported: 129 CLASSIC INTERNATIONAL , INC. Mentor, OH, 44060 Approval amount: $2,104,400 Jobs reported: 172 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].