PPP Loans Benefited Joliet Businesses

Joliet IL

21 July, 2021

10:04 AM

Description

JOLIET, IL — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Joliet. 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 Joliet businesses that benefited from the program according to the SBA. Check here for a full, searchable database. NORTH AMERICA CENTRAL SCHOOL BUS INTERMEDIATE HOLDING CO, LL Joliet, IL, 60432 Approval amount: $10,000,000 Jobs reported: 500 Forgiveness amount: $10,115,556 CORNERSTONE SERVICES Joliet, IL, 60436 Approval amount: $4,073,565 Jobs reported: 500 FRANCHISE MANAGEMENT INVESTORS US, LLC Joliet, IL, 60435 Approval amount: $2,792,500 Jobs reported: 500 WEST JEFF AUTO SALES, LLC Joliet, IL, 60435 Approval amount: $2,532,792 Jobs reported: 171 Forgiveness amount: $2,561,919 IMPERIAL CONSTRUCTION ASSOCIATES INC. Joliet, IL, 60431 Approval amount: $1,938,270 Jobs reported: 63 IMPERIAL CONSTRUCTION ASSOCIATES, INC. Joliet, IL, 60431 Approval amount: $1,938,270 Jobs reported: 58 Forgiveness amount: $1,959,752 PRODEHL HOLDINGS, INC. Joliet, IL, 60431 Approval amount: $1,746,922 Jobs reported: 164 Forgiveness amount: $1,756,627 MIV INC - MAD8330 Rockdale, IL, 60436 Approval amount: $1,746,052 Jobs reported: 45 PERFORMANCE FLOORS CORP. Joliet, IL, 60436 Approval amount: $1,702,405 Jobs reported: 56 PERFORMANCE FLOORS, CORPORATION Joliet, IL, 60436 Approval amount: $1,702,405 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].