Which Highland Park Businesses Got PPP Loans

Highland Park IL

21 July, 2021

9:58 AM

Description

HIGHLAND PARK, IL — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Highland Park. 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 Highland Park businesses that benefited from the program according to the SBA. Check here for a full, searchable database. SEMERSKY ENTERPRISES, INC. Highland Park, IL, 60035 Approval amount: $3,582,600 Jobs reported: 250 ONE ACRE FUND Highland Park, IL, 60035 Approval amount: $1,701,600 Jobs reported: 122 Forgiveness amount: $1,713,180 MAZZETTA COMPANY LLC Highland Park, IL, 60035 Approval amount: $1,390,200 Jobs reported: 214 MAZZETTA COMPANY, LLC Highland Park, IL, 60035 Approval amount: $1,390,200 Jobs reported: 82 Forgiveness amount: $1,399,531 IDLEWOOD ELECTRIC SUPPLY, INC. Highland Park, IL, 60035 Approval amount: $1,343,075 Jobs reported: 98 Forgiveness amount: $1,356,566 FREEDOM HOME CARE, INC. Highland Park, IL, 60035 Approval amount: $1,342,009 Jobs reported: 250 Forgiveness amount: $1,352,410 SOVEREIGN BRANDS, L.L.C. Highland Park, IL, 60035 Approval amount: $1,279,750 Jobs reported: 63 Forgiveness amount: $1,294,428 HIGHLAND PARK MOTORS, INC. Highland Park, IL, 60035 Approval amount: $1,251,112 Jobs reported: 104 Forgiveness amount: $1,265,893 KEYTH SECURITY SYSTEMS, INC. Highland Park, IL, 60035 Approval amount: $1,245,600 Jobs reported: 73 Forgiveness amount: $1,255,531 HIGHLAND PARK MOTORS INC. Highland Park, IL, 60035 Approval amount: $1,242,940 Jobs reported: 104 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].