Which Kirkwood Businesses Got PPP Loans

Kirkwood MO

21 July, 2021

9:54 AM

Description

KIRKWOOD, MO — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Kirkwood. 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 142,243 PPP loans approved in Missouri in 2021 alone, according to the Small Business Administration. The total 2021 amount approved was $4,606,412,713. 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 Kirkwood businesses that benefited from the program according to the SBA. Check here for a full, searchable database. SPARTAN LIGHT METAL PRODUCTS, INC Saint Louis, MO, 63122 Approval amount: $9,453,740 Jobs reported: 500 Forgiveness amount: $9,567,710 DEMA ENGINEERING CO. & AFFILIATES Saint Louis, MO, 63122 Approval amount: $4,850,587 Jobs reported: 440 Forgiveness amount: $4,908,255 THE LUTHERAN CHURCH- MISSOURI SYNOD Saint Louis, MO, 63122 Approval amount: $4,047,518 Jobs reported: 213 Forgiveness amount: $4,092,377 CONCORDIA PLAN SERVICES Saint Louis, MO, 63122 Approval amount: $3,288,603 Jobs reported: 158 Forgiveness amount: $3,326,696 SEILER INSTRUMENT MANUFACTURING CO INC. Saint Louis, MO, 63122 Approval amount: $3,160,000 Jobs reported: 225 Forgiveness amount: $3,196,516 CARMELITE SISTERS OF THE DIVINE HEART OF JESUS, SOUTH CENTRA Saint Louis, MO, 63122 Approval amount: $2,182,200 Jobs reported: 301 Forgiveness amount: $2,207,659 MERLO AUTOMOTIVE GROUP, INC Saint Louis, MO, 63122 Approval amount: $1,740,500 Jobs reported: 98 Forgiveness amount: $1,751,813 LOU FUSZ COMPANY OF KIRKWOOD INC Saint Louis, MO, 63122 Approval amount: $1,623,600 Jobs reported: 107 Forgiveness amount: $1,636,589 ROCK HILL MECHANICAL CORPORATION Kirkwood, MO, 63122 Approval amount: $1,471,054 Jobs reported: 67 GOLTERMAN & SABO, INC. Saint Louis, MO, 63122 Approval amount: $1,436,400 Jobs reported: 144 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].