Which Springfield Businesses Got PPP Loans

Springfield IL

21 July, 2021

10:19 AM

Description

SPRINGFIELD, IL — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Springfield. 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 Springfield businesses that benefited from the program according to the SBA. Check here for a full, searchable database. COMMUNITY CARE SYSTEMS, INC. Springfield, IL, 62702 Approval amount: $8,606,895 Jobs reported: 500 Forgiveness amount: $8,708,743 ROLAND MACHINERY COMPANY Springfield, IL, 62702 Approval amount: $5,959,700 Jobs reported: 356 SPRINGFIELD ELECTRIC SUPPLY COMPANY Springfield, IL, 62702 Approval amount: $5,872,500 Jobs reported: 354 Forgiveness amount: $5,941,200 CRAWFORD MURPHY & TILLY INC Springfield, IL, 62702 Approval amount: $5,865,803 Jobs reported: 350 SOLOMON COLORS INC Springfield, IL, 62702 Approval amount: $2,526,230 Jobs reported: 151 PRODUCTIVE RESOURCES LLC Springfield, IL, 62701 Approval amount: $1,934,104 Jobs reported: 101 PRODUCTIVE RESOURCES LLC Springfield, IL, 62701 Approval amount: $1,934,100 Jobs reported: 109 Forgiveness amount: $1,952,957 HALVERSON CONSTRUCTION CO. INC Springfield, IL, 62702 Approval amount: $1,790,800 Jobs reported: 51 Forgiveness amount: $1,810,250 GREEN LINCOLN, INC Springfield, IL, 62703 Approval amount: $1,742,300 Jobs reported: 180 Forgiveness amount: $1,754,711 B & B ELECTRIC INC Springfield, IL, 62703 Approval amount: $1,695,000 Jobs reported: 79 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].