PPP Loans Benefited Orland Park Businesses

Orland Park IL

21 July, 2021

10:01 AM

Description

ORLAND PARK, IL — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Orland Park. 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 Orland Park businesses that benefited from the program according to the SBA. Check here for a full, searchable database. THE HORTON GROUP, INC. Orland Park, IL, 60467 Approval amount: $6,526,600 Jobs reported: 369 Forgiveness amount: $6,605,826 ELITE MEDICAL TRANSPORTATION LLC Orland Park, IL, 60467 Approval amount: $5,607,555 Jobs reported: 500 JOHN BURNS CONSTRUCTION COMPANY Orland Park, IL, 60467 Approval amount: $4,166,700 Jobs reported: 161 Forgiveness amount: $4,214,874 DARVIN FURNITURE AND APPLIANCE OF ORLAND PARK, INC. Orland Park, IL, 60462 Approval amount: $3,294,600 Jobs reported: 233 Forgiveness amount: $3,334,587 CTF ILLINOIS Orland Park, IL, 60467 Approval amount: $2,942,740 Jobs reported: 435 Forgiveness amount: $2,977,005 JOE RIZZA FORD OF ORLAND PARK, INC. Orland Park, IL, 60462 Approval amount: $2,045,619 Jobs reported: 126 Forgiveness amount: $2,069,371 ORLAND PARK IMPORTS INC Orland Park, IL, 60462 Approval amount: $1,610,000 Jobs reported: 109 Forgiveness amount: $1,620,554 EGG STRATEGY, INC. Orland Park, IL, 60467 Approval amount: $1,303,987 Jobs reported: 68 Forgiveness amount: $1,316,813 ZEIGLER ORLAND PARK, LLC Orland Park, IL, 60467 Approval amount: $1,282,987 Jobs reported: 90 Forgiveness amount: $1,297,082 ASSOCIATED UROLOGICAL SPECIALISTS, LLC Orland Park, IL, 60462 Approval amount: $1,272,026 Jobs reported: 147 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].