Which Elgin Businesses Got PPP Loans

Elgin IL

21 July, 2021

11:57 AM

Description

ELGIN, IL — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Elgin. 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 Elgin businesses that benefited from the program according to the SBA. Check here for a full, searchable database. LENDING SOLUTIONS, INC. Elgin, IL, 60123 Approval amount: $7,198,353 Jobs reported: 480 IHC CONSTRUCTION COMPANIES, LLC Elgin, IL, 60123 Approval amount: $4,319,724 Jobs reported: 171 PROVEN PERFORMERS, INC. Elgin, IL, 60123 Approval amount: $3,851,900 Jobs reported: 491 MARTAM CONSTRUCTION INC. Elgin, IL, 60120 Approval amount: $3,199,100 Jobs reported: 120 GREATER ELGIN FAMILY CARE CENTER Elgin, IL, 60120 Approval amount: $2,970,900 Jobs reported: 273 AMERICAN DEMOLITION CORPORATION Elgin, IL, 60120 Approval amount: $2,600,023 Jobs reported: 167 Forgiveness amount: $2,629,273 MUELLER & CO, LLP Elgin, IL, 60123 Approval amount: $2,530,000 Jobs reported: 153 Forgiveness amount: $2,559,446 HORIZON CARPENTRY, INC. Elgin, IL, 60121 Approval amount: $2,474,700 Jobs reported: 173 Forgiveness amount: $2,502,678 TCI CONSTRUCTION INC. Elgin, IL, 60123 Approval amount: $2,363,431 Jobs reported: 132 SCHMIDT STEEL INC. Elgin, IL, 60123 Approval amount: $2,357,467 Jobs reported: 70 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].