PPP Loans Benefited Mokena Businesses

Mokena IL

21 July, 2021

10:14 AM

Description

MOKENA, IL — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Mokena. 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 Mokena businesses that benefited from the program according to the SBA. Check here for a full, searchable database. REVERE ELECTRIC SUPPLY COMPANY Mokena, IL, 60448 Approval amount: $5,603,300 Jobs reported: 374 CARDIOTHORACIC & VASCULAR SURGICAL ASSOCIATES, S.C. Mokena, IL, 60448 Approval amount: $2,193,908 Jobs reported: 117 Forgiveness amount: $2,218,772 URT E&R TOWING, INC. Mokena, IL, 60448 Approval amount: $2,175,100 Jobs reported: 121 Forgiveness amount: $2,196,136 OSULLIVAN PLUMBING INC Mokena, IL, 60448 Approval amount: $1,930,678 Jobs reported: 41 Forgiveness amount: $1,951,861 LAKE REGION CONFERENCE OF THE SEVENTH DAY ADVENTIST Mokena, IL, 60448 Approval amount: $1,638,300 Jobs reported: 302 Forgiveness amount: $1,653,727 PIPE FITTERS' TRAINING FUND LOCAL UNION 597 Mokena, IL, 60448 Approval amount: $1,632,917 Jobs reported: 181 O'SULLIVAN PLUMBING INC. Mokena, IL, 60448 Approval amount: $1,492,307 Jobs reported: 50 EVERGREEN HEALTHCARE MANAGEMENT SERVICES Mokena, IL, 60448 Approval amount: $1,409,004 Jobs reported: 137 Forgiveness amount: $1,416,323 DARREN A FREIHAGE LLC Mokena, IL, 60448 Approval amount: $1,372,752 Jobs reported: 312 Forgiveness amount: $1,381,980 WESTSIDE CHILDREN'S THERAPY, INC. Mokena, IL, 60448 Approval amount: $1,326,289 Jobs reported: 154 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].