Which St. Louis Businesses Got PPP Loans

St. Louis MO

21 July, 2021

11:58 AM

Description

ST. LOUIS, MO — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in St. Louis. 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 St. Louis businesses that benefited from the program according to the SBA. Check here for a full, searchable database. 4M BUILDING SOLUTIONS, INC. Saint Louis, MO, 63103 Approval amount: $10,000,000 Jobs reported: 500 GATEWAY REGION YOUNG MEN'S CHRISTIAN ASSOCIATION Saint Louis, MO, 63103 Approval amount: $8,482,876 Jobs reported: 500 DUKE MANUFACTURING CO Saint Louis, MO, 63102 Approval amount: $7,591,400 Jobs reported: 500 Forgiveness amount: $7,679,334 C HAGER & SONS HINGE MANUFACTURING COMPANY Saint Louis, MO, 63104 Approval amount: $6,178,600 Jobs reported: 356 Forgiveness amount: $6,251,542 CLEAN UNIFORM COMPANY Saint Louis, MO, 63104 Approval amount: $6,154,200 Jobs reported: 483 SANDBERG PHOENIX & VON GONTARD, P.C. Saint Louis, MO, 63101 Approval amount: $6,119,300 Jobs reported: 295 CORRIGAN BROTHERS, INC Saint Louis, MO, 63103 Approval amount: $5,251,700 Jobs reported: 170 Forgiveness amount: $5,313,116 GREENSFELDER, HEMKER, & GALE P.C. Saint Louis, MO, 63102 Approval amount: $4,711,300 Jobs reported: 241 Forgiveness amount: $4,755,926 GROUP 360, INC Saint Louis, MO, 63103 Approval amount: $4,451,000 Jobs reported: 235 Forgiveness amount: $4,501,816 CONFLUENCE ACADEMY, INC Saint Louis, MO, 63101 Approval amount: $4,314,571 Jobs reported: 343 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].