PPP Loans Benefited Burr Ridge Businesses

Burr Ridge IL

21 July, 2021

10:01 AM

Description

BURR RIDGE, IL — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Burr Ridge. 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 435,736 PPP loans approved in Illinois in 2021 alone, according to the Small Business Administration. The total 2021 amount approved was $15,328,824,895. 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 Burr Ridge businesses that benefited from the program according to the SBA. Check here for a full, searchable database. DILLON FLEET SERVICES, INC. Burr Ridge, IL, 60527 Approval amount: $7,544,000 Jobs reported: 500 Forgiveness amount: $7,626,261 THE NEW YORK BLOWER COMPANY Willowbrook, IL, 60527 Approval amount: $7,180,700 Jobs reported: 437 Forgiveness amount: $7,261,682 METRO INFECTIOUS DISEASE CONSULTANTS PLLC Willowbrook, IL, 60527 Approval amount: $5,440,391 Jobs reported: 411 REMPREX PARTNERS LLC Willowbrook, IL, 60527 Approval amount: $4,625,000 Jobs reported: 421 Forgiveness amount: $4,679,087 CODILIS & ASSOCIATES, P.C. Willowbrook, IL, 60527 Approval amount: $4,505,200 Jobs reported: 332 Forgiveness amount: $4,556,917 MIDTRONICS, INC Willowbrook, IL, 60527 Approval amount: $2,878,317 Jobs reported: 161 Forgiveness amount: $2,911,774 PERMA SEAL BASEMENT SYSTEMS, INC. Burr Ridge, IL, 60527 Approval amount: $2,585,283 Jobs reported: 210 Forgiveness amount: $2,615,013 SKINCURE ONCOLOGY, LLC Burr Ridge, IL, 60527 Approval amount: $2,417,500 Jobs reported: 205 Forgiveness amount: $2,444,589 MEDWEST ASSOCIATES INC Willowbrook, IL, 60527 Approval amount: $2,184,100 Jobs reported: 110 Forgiveness amount: $2,209,096 BRONSON & BRATTON, INC. Willowbrook, IL, 60527 Approval amount: $2,093,900 Jobs reported: 108 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].