Which Montgomery Businesses Got PPP Loans

Montgomery IL

21 July, 2021

10:10 AM

Description

MONTGOMERY, IL — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Montgomery. 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 Montgomery businesses that benefited from the program according to the SBA. Check here for a full, searchable database. LYON, LLC Montgomery, IL, 60538 Approval amount: $4,548,776 Jobs reported: 466 AURORA BEARING COMPANY Montgomery, IL, 60538 Approval amount: $1,848,400 Jobs reported: 221 Forgiveness amount: $1,858,361 MVP PLUMBING CORP Montgomery, IL, 60538 Approval amount: $1,768,398 Jobs reported: 137 Forgiveness amount: $1,779,156 CHICAGO FLAMEPROOF & WOOD SPECIALTIES CORP. Montgomery, IL, 60538 Approval amount: $1,136,415 Jobs reported: 97 Forgiveness amount: $1,144,821 SUPERIOR BEVERAGE, INC. Montgomery, IL, 60538 Approval amount: $1,007,778 Jobs reported: 70 Forgiveness amount: $1,019,731 RIDGE AMBULANCE SERVICE INCORPORATED Montgomery, IL, 60538 Approval amount: $867,000 Jobs reported: 144 Forgiveness amount: $875,188 PREMIER ARCHITECTURAL PROD LLC - PAB7111 Montgomery, IL, 60538 Approval amount: $706,907 Jobs reported: 47 PREMIER ARCHITECTURAL PRODUCTS, LLC Montgomery, IL, 60538 Approval amount: $706,900 Jobs reported: 50 Forgiveness amount: $712,323 R J ONEIL INC Montgomery, IL, 60538 Approval amount: $695,410 Jobs reported: 31 Forgiveness amount: $702,993 BRAEBURN SYSTEMS, INC. Montgomery, IL, 60538 Approval amount: $505,600 Jobs reported: 25 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].