PPP Loans Benefited Libertyville Businesses

Libertyville IL

21 July, 2021

10:01 AM

Description

LIBERTYVILLE, IL — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Libertyville. 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 Libertyville businesses that benefited from the program according to the SBA. Check here for a full, searchable database. GI PARTNERS OF ILLINOIS LLC Libertyville, IL, 60048 Approval amount: $2,905,060 Jobs reported: 257 LAKE COUNTY GRADING COMPANY, LLC Libertyville, IL, 60048 Approval amount: $2,349,300 Jobs reported: 129 Forgiveness amount: $2,018,461 RETURNS R US, INCORPORATED Libertyville, IL, 60048 Approval amount: $2,280,500 Jobs reported: 174 Forgiveness amount: $1,697,653 MOTHERBOARD EXPRESS COMPANY Libertyville, IL, 60048 Approval amount: $2,255,840 Jobs reported: 148 Forgiveness amount: $2,281,877 ROCCO FIORE & SONS INC. Libertyville, IL, 60048 Approval amount: $2,240,627 Jobs reported: 236 Forgiveness amount: $2,267,648 ROSBOROUGH PARTNERS, INC. Libertyville, IL, 60048 Approval amount: $2,172,000 Jobs reported: 225 Forgiveness amount: $2,196,495 LIBERTY AUTO CITY INC Libertyville, IL, 60048 Approval amount: $1,921,292 Jobs reported: 152 Forgiveness amount: $1,939,400 THE LAMBS FARM, INC. Libertyville, IL, 60048 Approval amount: $1,840,500 Jobs reported: 351 FABRICATION TECHNOLOGIES, INC. Libertyville, IL, 60048 Approval amount: $1,839,000 Jobs reported: 135 Forgiveness amount: $1,850,136 SHAKOU LLC Libertyville, IL, 60048 Approval amount: $1,735,580 Jobs reported: 261 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].